Key Points: As the crypto winter continues to press the sector, Bitcoin miner CleanSpark said it would continue to explore expansion via accretive acquisitions.
Many miners were struggling during the recent bear market, due to falling Bitcoin prices and rising energy costs. CleanSpark seized this opportunity to purchase assets and mining gear at a discounted price.
CleanSpark, a bitcoin mining company, plans to continue acquiring assets from struggling mining companies this year. He said:
“We don’t feel the need to do M&A, but if we see a good deal, we’ll take it.”
He believes that smaller miners, especially private companies, will not be able access the financial markets. This could lead to significant changes for CleanSpark, if Bitcoin’s value doesn’t reach $40,000 before the next half-century.
“We were thoughtful and calculated buyers in this marketplace, seeking out accretive purchases and efficiently deploying capital. We have been able to source and close transactions that not only increase our global hash rate but also generate meaningful bitcoin and cash flow while still paying off any debt. Vecchiarelli stated that despite recent macro headwinds during the first quarter, he is excited for 2023 to be a year of continued execution growth.
Management stated that CleanSpark plans to raise stock and to sell mined bitcoins in order to finance transactions. CleanSpark CEO Zach Bradford stated that CleanSpark will increase the number of shares that can be issued at its 2018 annual meeting to 300 million.
“We have consistently grown quarter over quarter as we execute an operation strategy that we believe makes our company one of the most reliable, fastest growing, and most efficient publicly traded Bitcoin miners North America.”
CleanSpark stated in January that it was expanding its business activities in Georgia. CleanSpark stated in January that it was expanding its business activities in Georgia. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: bitcoinCleanSparkcryptoGary Vecchiarelli