BTC miner CleanSpark on the hunt for further crypto miner fire sales

Bitcoin (BTC) mining steadfast CleanSpark is readying to proceed its strategy of scooping up distressed mining institution assets this year. 

The Bitcoin miner released its fiscal Q1 earnings presentation connected Feb. 9, wherever the institution said it remained optimistic astir the coming twelvemonth and continued growth.

Chief Financial Officer, Gary Vecchiarelli, said CleanSpark has seen “explosive growth” successful the past 12 months and feels precise comfy with its plans. He added that maturation successful presumption of mergers and acquisitions would proceed into 2023.

“With respect to our strategy regarding M&A, we person been 1 of the astir progressive miners to day successful acquiring infrastructure and machines, and we volition proceed to beryllium active.”

“We are inactive buyers successful this market, and our strategy has not changed,” helium added earlier stating that “we don't consciousness compelled to spell retired and person to bash M&A. But obviously, if we spot a bully deal, we'll instrumentality vantage of that.”

Our net telephone is astir to spell live. Just a reminder, we’re a 9/30 twelvemonth end, truthful this is our Q1 ‘23 filing. Hope you’ve got a infinitesimal to articulation successful and listen. Rough twelvemonth each over—-@CleanSpark_Inc #bitcoin pic.twitter.com/1uWmZpTLJO

— S Matthew Schultz (@smatthewschultz) February 9, 2023

He said that smaller mining operations could beryllium successful imaginable trouble. Hence the institution wants to beryllium successful a presumption to beryllium capable to “pick disconnected infrastructure and assets astatine bully deals” akin to what it has done previously.

In November past year, the firm snapped up much than 3,840 Antminer S19J Pro mining machines astatine below-market prices.

Months earlier successful September, the steadfast acquired Mawson's Bitcoin mining installation successful Sandersville, Georgia for $33 cardinal arsenic good arsenic a 36-megawatt installation successful the aforesaid state for $16.2 million.

The institution besides purchased thousands of Bitcoin miners for a "substantially discounted price” implicit June and July 2022.

Related: BTC miner CleanSpark scoops up thousands of miners amid ‘distressed markets’

In aboriginal 2023, the institution continued these enlargement plans.

In January, CleanSpark announced that it was further expanding operations successful the authorities of Georgia. A caller 50-megawatt Bitcoin mining installation successful the metropolis of Washington is expected to beryllium completed successful precocious spring.

Per its fiscal Q1 net report, CleanSpark reported that it had mined 1,531 BTC for the period, a 132% summation implicit the aforesaid anterior twelvemonth period.

However, gross had decreased 25% from the aforesaid play past twelvemonth falling to $27.8 million. Its adjusted EBITDA (earnings earlier interest, taxes, depreciation, and amortization) had decreased to $1.4 million.

Despite the affirmative outlook, institution banal (CLSK) fell 5.2% connected the time to $3.13 successful after-hours trading.