Mawson Infrastructure Group Inc. Announces March 2023 Operational Update
Mawson Infrastructure Group (NASDAQ:MIGI) announced its operational update for March 2023, reporting an installed capacity of approximately 50 MW across its Bitcoin self-mining and hosting operations. The company generated $2.65 million in revenue from self-mining ($1 million), hosting customers ($1.55 million), and its energy market program ($0.09 million). Notably, Mawson produced 42.97 BTC and achieved a revenue equivalent in BTC of 109.04. The company is in the final stages of commissioning a 120 MW site expansion in Midland, PA, aiming for significant growth in its Bitcoin operations, with a target of 4.5 Exahash by early Q2 2023 and 8.0 Exahash by Q4 2023.
- Total revenue of approximately $2.65 million for March 2023.
- Successful expansion into new Texas sites with a sale agreement worth $8.5 million.
- Production of 42.97 BTC and revenue equivalent in BTC being 109.04.
- Increased operational capacity being finalized with a target of 120 MW.
- None.
Mawson’s installed operational capacity as of
Approximately
Aerial view of
March Bitcoin Self-Mining, Energy Market Program & Hosting Co-location Results Update1:
- Total Self-Mining Bitcoin Production: 42.97
- Total Revenue equivalent in BTC: 109.042
- Self-Mining Miners Installed: 5,880
-
Energy Market Program revenue: approximately
$0.09M - Hosting Co-location installed capacity: 34 MW
-
Hosting Co-location revenue:
$1.55M - Total installed capacity across Bitcoin Self-Mining and Hosting Co-location: 50 MW
Key Achievements in March
-
Entered into sale agreement for
Texas sites and related equipment for$8.5m -
Released and presented 2022 accounts (Annual report for the year ending
December 31, 2022 on Form 10-K) -
Final stages of energization and commissioning commenced for 120 MW
Midland, PA site expansion -
Final stages of energization and commissioning commenced for first 12 MW of 120 MW at
Sharon, PA -
Arrival of all Australian ASIC miners (5,392) in
Midland, PA
2023 Operational Focus
Mawson looks to advance in 2023 through:
- Expansion of Bitcoin Self-Mining and Hosting Co-location operations to 4.5 Exahash by early Q2, 2023 and to our projected 8.0 Exahash by Q4, 20233.
-
Continue the expansion of its 240-megawatt
Pennsylvania facilities where the company has favorable energy contracts and expansion opportunities. - Continue with its Energy Markets Program, which generates revenue and reduces overall costs of production.
- Continue to secure a portfolio of sites in its preferred geographies and jurisdictions for long term digital infrastructure capacity.
- Develop strategic partnerships and relationships with customers and communities.
- Continue to offer reliable hosting services to miners in addition to increasing self-mining capacity.
About
For more information, visit: www.mawsoninc.com
Statements about hashrate capacity
Statements in the press release about hashrate capacity (including ‘installed capacity’ or ‘nameplate capacity’), will often differ from the actual or observed hashrate. These terms generally make certain assumptions about the efficiency of the ASIC miners that are in use. Some ASIC miner models will consume less power to create the same amount of hashing power than other ASIC miner models (typically more recent models are more efficient). Many ASIC miner fleets are blended fleets, including various ASIC miner models each with different efficiency ratings. Hashrate capacity figures typically assume
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 Annual Report on Form 10-K filed with the
1 All figures unaudited, and as at
2 Being the total of Mawson’s Self-mined BTC, and BTC equivalents of the USD earned under our Energy Market Program and Hosting business. Based on average Bitcoin price in March of
3 Assumes and is subject to successful acquisition or leasing of multiple sites and then their successful and timely development. Several sites are currently under review and in active negotiation by Mawson.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005497/en/
Investor Contact:
646-536-7331
brett@haydenir.com
www.haydenir.com
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