Investing in Bear Market: CleanSpark Aims to Buy More Mining Gear at Good Deals

  • CleanSpark declared that they recorded unforeseen growth last year and are optimistic about the future
  • “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,” said CleanSpark

CleanSpark, a leading BTC mining firm, while sharing its last quarter report has declared that it would be willing to buy more mining equipment and assets at good deals in 2023.

The crypto markets are undergoing a severe bearish sentiment and it is a testing time for the entire blockchain industry. However, this year, the market is showing positive signals as most of the cryptocurrencies are trying to break through their year-long resistance. Amidst this, the world’s leading Bitcoin mining firm, CleanSpark has released its Q1 fiscal report and shared its plans for the future.

CleanSpark declared that they recorded unforeseen growth last year and are optimistic about the future. According to Gary Vecchiarelli, CFO, CleanSpark, they are still the biggest buyers in the industry and planning to continue with their shopping in the coming year.

“We are still buyers in this market, and our strategy has not changed, 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.”

Last year, CleanSpark bought more than 3800 Antminer S19J Pro Bitcoin mining machines, and that too below the market price. Apart from that, they bought more than 26 thousand other mining equipment in this bear market. They went on to acquire new mining businesses including Mawson’s Bitcoin Mining Facility for $33 million along with another 36-MW mining farm in Georgia.

With this hash rate, CleanSpark accounted for mining 1,531 BTC in the last quarter recording a whooping growth of 132 percent.

Is CleanSpark the Biggest Bitcoin Miner?

Bitcoin mining is no joke anymore as with time it is getting more difficult to mine Bitcoins. Even though CleanSpark is a prominent Bitcoin miner, they are not the biggest in the market. Riot Platforms Inc. is the market leader in Bitcoin mining with 740 Bitcoins mined in the single month of January 2023. Apart from Riot, Marathon Digital Holdings (MARA) and Canaan (CAN) ranks second and third in overall Bitcoin mining.

Crypto Mining Changing with Time

Crypto mining has evolved over time as the majority of the leading crypto projects are either shifted from a Proof-of-Work consensus mechanism or based on more power-efficient mechanisms. Ethereum, the second-largest cryptocurrency by market capitalization, recently shifted to Proof-of-Stake and reduced its mining power consumption by more than 99%.

With more eco-friendly and agile consensus mechanisms taking the central stage, the nature of crypto mining is changing over time.

To read more interesting updates on Bitcoin and blockchain technology, keep following CoinGabbar. And do not forget to sure

Also, Read – SEC Commissioner Goes Against Her Agency On Kraken Crackdown

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