BTC miner CleanSpark on the hunt for further crypto miner fire sales
Feb 09, 2023
By Martin Young
The mining firm is not fearful of the bear market and plans to “pick off infrastructure and assets at good deals” this year.
Bitcoin (BTC $21,875) mining firm CleanSpark is planning to continue its strategy of scooping up distressed mining company assets this year.
The Bitcoin miner released its fiscal Q1 earnings presentation on Feb. 9, with the company sayingit remained optimistic about the coming year and continued growth.
Chief financial officer Gary Vecchiarelli said CleanSpark has seen “explosive growth” in the last 12 months and feels very comfortable with its plans. He added that its growth would continue into 2023 through mergers and acquisitions.
“With respect to our strategy regarding M&A, we have been one of the most active miners to date in acquiring infrastructure and machines, and we will continue to be active.”
“We are still buyers in this market, and our strategy has not changed,” he added, before stating 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 that.”
Our earnings call is about to go live. Just a reminder, we’re a 9/30 year end, so this is our Q1 ‘23 filing. Hope you’ve got a moment to join in and listen. Rough year all over—-@CleanSpark_Inc #bitcoin pic.twitter.com/1uWmZpTLJO
— S Matthew Schultz (@smatthewschultz)February 9, 2023
He said that smaller mining operations could potentially be in trouble. Hence the company wants to be in a position to be able to “pick off infrastructure and assets at good deals” similar to what it has done previously.
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