CleanSpark continues to buy out troubled assets

BTC miner CleanSpark continues to follow its strategy and buy up the capacity of companies that suffered due to the crisis. 

The published earnings report reflects optimism about the year ahead and continued growth in general.  According to Chief Financial Officer Gary Vecchiarelli, CleanSpark was able to show dynamic growth and meet its goals. He noted that the trend of acquisitions and mergers will continue. 

We have managed to become the most active miner in terms of capacity and infrastructure acquisitions, and we intend to do the same in the future. CleanSpark is an active buyer in the market, and we don’t see any sense in changing our strategy. If allowed to make a good deal, we are ready to take it. 

Vecchiarelli noted that the mining industry will likely continue to face challenges in the future, which for his company means the opportunity to choose the right assets at bargain prices. CleanSpark’s co-founder S. Matthew Schultz takes a similar stance.

The BTC miner previously purchased 3,840 S19J Pro units, which were priced well below market. Two facilities in Georgia were also purchased. 

The company managed to mine 1,531 BTC in fiscal Q1. Compared to the same period last year, the increase was 132%. Nevertheless, even with such figures the revenue decreased by 25%, amounting to $27.8 million. Despite the activity and positive mood of the company’s representatives, the shares of CleanSpark fell in price by 5.2%.