Bitcoin (BTC) mining company CleanSpark plans to continue its strategy of collecting assets from struggling mining companies this year.
The Bitcoin miner released its fiscal first quarter earnings presentation on Feb. 9, where the company said it remained optimistic about the coming year and continued growth.
Chief Financial Officer Gary Vecchiarelli said CleanSpark has experienced “explosive growth” in the last 12 months and he is very comfortable with its plans. He added that the growth in terms of mergers and acquisitions would continue until 2023.
“Regarding our M&A strategy, we have been one of the most active miners to date in acquiring infrastructure and machines, and we will continue to be so.”
“We continue to be buyers in this market, and our strategy hasn’t changed,” he added before noting that “we don’t feel compelled to go out and have to do M&A. But obviously, if we see a good deal, we’ll take advantage of it.”
Our earnings call is about to start. Just a reminder, we’re at the end of the year 9/30, so this is our Q1 23 presentation. I hope you’ll have a moment to join in and listen. Hard year all around—-@CleanSpark_Inc #bitcoin pic.twitter.com/1uWmZpTLJO
— S. Matthew Schultz (@smatthewschultz) February 9, 2023
He said smaller mining operations could be in potential trouble. Therefore, the company wants to be in a position to “select well-priced infrastructure and assets” in a similar way to what it has done before.
In November last year, the company purchased more than 3,840 Antminer S19J Pro mining machines at below-market prices.
Months earlier, in September, the company acquired Mawson’s Bitcoin mining facility in Sandersville, Georgia, for $33 million, as well as a 36-megawatt facility in the same country for $16.2 million.
The company also purchased thousands of Bitcoin miners for a “substantially reduced price” during June and July 2022.
Related: BTC miner CleanSpark picks up thousands of miners amid ‘troubled markets’
At the beginning of 2023, the company continued with these expansion plans.
In January, CleanSpark announced that it would further expand its operations in the state of Georgia. A new 50-megawatt Bitcoin mining facility in the city of Washington is expected to be completed in late spring.
According to its fiscal first quarter earnings report, CleanSpark reported that it had mined 1,531 BTC during the period, an increase of 132% over the same period a year earlier.
However, revenue was down 25% from the same period last year, falling to $27.8 million. Its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) had decreased to $1.4 million.
Despite the positive outlook, shares of the company (CLSK) were down 5.2% on the day to $3.13 in after-hours trading.
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