Mining company CleanSpark plans to expand business through mergers and acquisitions

Bitcoin Mining Company CleanSpark Releases Q4 2022 Financial Report.

The company declared that it is optimistic about the new financial year and expects steady business growth, including through the acquisition of small and medium-sized mining companies that are facing financial problems.

Commenting on CleanSpark's plans for 2023, CFO Gary Vecchiarelli assured that the company intends to expand its market presence through mergers if it sees a good prospect for this.. Vecchiarelli hopes that many small miners will not be able to access the financial markets due to lack of liquidity, and their takeover will contribute to significant changes in CleanSpark's market share.

CleanSpark CEO Zach Bradford added that despite the objective obstacles to development associated with a decrease in revenue last year due to the high volatility of bitcoin, the company managed to increase production volumes.. In the fourth quarter alone, CleanSpark managed to mine over 700 BTC. The head of CleanSpark intends to address the board of directors with a proposal for an additional issue of company shares, bringing their number from 100 million to 300 million.

CleanSpark traditionally takes a proactive stance. In previous years, when many mining companies preferred to accumulate mined BTC against the backdrop of the rise in the bitcoin rate, CleanSpark put them into circulation to increase production capacity.