CleanSpark Reports Positive Quarterly EarningsĬleanSpark released its numbers for the last quarter and developed a bunch of new strategies based on the company’s positive numbers. In addition to that, the CEO of the company said that it will raise the number of authorized shares for insurance from the previously decided 100 million, to 300 million. The company will finance these deals by selling equity and mined bitcoins, it said on the conference call. And positioned itself to be able to “pick off infrastructure and assets at good deals” as it had done previously.Īdding to it, Vecchiarelli said that “We have been successful in sourcing and closing transactions which not only grow our percentage of the total global hash rate but also produce meaningful bitcoin and cash flow while still paying down what little debt we have,” The company has referred to its acquisitions as “thoughtful” and “calculated”, as well as its capital deploying strategy to be effective. The struggle faced by mining companies currently, as they deal with falling markets and higher energy costs, is a testament to the prediction that better opportunities for CleanSpark are to follow. Since there will be a lot of small mining companies that couldn’t sustain their operation consequently create a purchase opportunity for CleanSpark. He believes that the company will get even better opportunities if Bitcoin’s price does not reach $40,000 in the next halving event. Gary Vecchiarelli, Chief Financial Officer of the firm, said 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,” in a conference call discussing the company’s first-quarter earnings. The company believes that this growth will continue to sustain as they undergo more acquisitions throughout the year. So far, the company’s strategy to continue with its acquisitions has worked well, as it has experienced explosive growth over the last 12 months.
CleanSpark Continues Its M&A Spree In an Unreliable MarketĬleanSpark released its quarterly earnings on Feb 9, where the results were close to their predictions, and this report has left the company optimistic about the company’s growth in the future. This comes after the company released its quarterly reports, which fell short by a little of its targeted projections.
Join Our Telegram channel to stay up to date on breaking news coverageĬleanSpark, a bitcoin mining company based in the US, plans to continue to go along with its mergers and acquisitions, despite a crypto winter in sight.
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