CleanSpark 2023 buying spree continues as company seeks to ad | Crypto Sale
CleanSpark 2023 buying spree continues as company seeks to add 50-75MW
CleanSpark is looking to acquire between 50-75 megawatts of either greenfield sites or acquisitions in order to meet its growth target of 16 EH/s by the end of 2023.
The company expects to keep buying machines by leveraging current spot market prices, adding to the thousands of miners it scooped up last year, it said during its most recent quarterly earnings call Thursday.
"We also expect to shift our strategy when the time is right and look towards future contracts," CEO Zach Bradford said. "We believe the tides are starting to shift and locking in prices for large orders will begin to be part of our strategy in the coming months."
CleanSpark adjusted its hashrate guidance for the end of 2023 in December, down from 22.4 EH/s due to build-out delays from its infrastructure partner.
The planned expansion at the two facilities CleanSpark recently acquired in Georgia will bring the company's hashrate to 14 EH/s, with 2 EH/s left to fill.
Bradford said that it is "looking at a lot of opportunities in a lot of regions," but has a strict set of criteria that includes access to low-cost power in the long term. The spike in energy prices last year was a major pain point for miners without locked-price power contracts, combined with the decline in bitcoin's value.
