Mawson Infrastructure Group Inc. Announces January 2022 Bitcoin Production and Operational Update

Rhea-AI Summary

Mawson Infrastructure Group (NASDAQ:MIGI) reported a strong operational update for January 2022, producing 140 Bitcoin and achieving an average hash rate of approximately 0.9 EH, increasing to 1.1 EH by the end of the month. The company anticipates its self-mining hash rate will reach 1.35 EH by February, with production estimated at 6.5 Bitcoin per day. The firm is expanding its facilities in Georgia, Pennsylvania, and Australia, aiming for a total hash rate of 3.35 EH by Q2 2022 and 5 EH by early Q1 2023.

Positive

• 140 Bitcoin produced in January 2022.
• Hash rate increased from approximately 0.9 EH to 1.1 EH.
• Projected hash rate of 1.35 EH by end of February, with 6.5 Bitcoin production per day.
• Expansion of hosting operations with 2 MW online in January.
• Ongoing large-scale hosting co-location customer pipeline.

Negative

• None.

Mawson produced 140 Bitcoin in January

Bitcoin Self-Mining operating at approximately 1.1 EH end of January

Bitcoin Self-Mining expected to be at approximately 1.35 EH end of February, +23% month on month, producing approximately 6.5 Bitcoin per day¹

Luna Squares Hosting Co-location operations at 2 MW in January

SYDNEY & NEW YORK--(BUSINESS WIRE)-- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, announces unaudited bitcoin production and operational update for January 2022.

(Graphic: Business Wire)

Bitcoin Self-Mining Update

• In January 2022 Mawson produced 140 Bitcoin
• January average hash rate at approximately 0.9 EH
• January end of month hash rate at approximately 1.1 EH
• February end of month hash rate expected to be 1.35 EH, producing approximately 6.5 bitcoin per day²

Luna Squares Hosting Co-location Update

• 2 MW of hosting online in January
• Pipeline of industrial scale hosting co-location customers continues to grow

Operational Update

• Midland, Pennsylvania facility: civil works ongoing, first Modular Data Centers (MDCs) with full complement of Bitcoin miners expected to be online in March 2022.
• Sandersville, Georgia facility: 60 MW expansion ongoing with an additional 13 MDCs to be deployed in February.
• Australian facility: expansion ongoing with civil works continuing, transformers arriving in February and an additional 7 MDCs expected on site in March, with the facility expected to be fully online by April 2022.

Expected Hash Rate Growth

Mawson expects Bitcoin Self-Mining to be at 3.35 EH by Q2 2022, and target of 5 EH online by early Q1 2023 reiterated.

James Manning, CEO and Founder of Mawson, said, “January was a period of rapid growth for Mawson – operationally we crossed above the 1 Exahash (EH) level for the first time, ending the month at approximately 1.1 EH, a major milestone for the business. We are now focused on the rapid growth at our Georgia, Pennsylvania and Australian facilities, and continue to assess new sites for our growing business. Demand for our Luna Squares co-location business continues to grow and we look forward to updating shareholders on this front in due course.”

About Mawson Infrastructure

Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.

For more information, visit: www.mawsoninc.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.

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¹ Based on network difficulty as at 11 February 2022

² Based on network difficulty as at 11 February 2022

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215005148/en/

Investor Contact:

Brett Maas

646-536-7331

brett@haydenir.com

www.haydenir.com

Source: Mawson Infrastructure Group Inc.

FAQ

What was Mawson Infrastructure Group's Bitcoin production in January 2022?

Mawson produced 140 Bitcoin in January 2022.

What is the expected hash rate for Mawson by February 2022?

Mawson expects to achieve a hash rate of approximately 1.35 EH by the end of February 2022.

How much Bitcoin is Mawson expected to produce daily by the end of February 2022?

Mawson is expected to produce approximately 6.5 Bitcoin per day by the end of February 2022.

What is the current capacity of Mawson's hosting operations as of January 2022?

Mawson's hosting operations were at 2 MW in January 2022.

What future hash rate goals does Mawson Infrastructure Group have?

Mawson aims for a hash rate of 3.35 EH by Q2 2022 and 5 EH by early Q1 2023.