Mawson Infrastructure Group Inc. Announces Monthly Operational Update for March 2024
- Total revenue doubled with 100% year-over-year growth compared to March of the previous year.
- March self-mining business revenue increased by 182% year-over-year.
- March co-location business revenue grew by 54% year-over-year.
- None.
Total Revenue Doubled with
March Self-Mining Business Revenue up
March Co-Location Business Revenue up
March Total Revenue of about
MIDLAND, Pa., April 18, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure company, announced today its unaudited business and operational update for March 2024.
Rahul Mewawalla, CEO and President, commented, “We are very pleased with our digital platform capabilities and our total revenue in March 2024 growing to double of our revenue back in March last year with
Unaudited March Monthly Operating Results Summary
- Total monthly revenue doubled Y/Y with
100% Y/Y growth to about$5.44 million and the equivalent of 83 BTC1. - Self-mining business revenue increased
182% Y/Y and12% M/M to$2.87 million . - Co-location business revenue was
$2.40 million and is expected to expand to approximately 82 MW and over 25,284 miners. Energy management revenue was$0.17 million . - Total Power Capacity was approximately 109 MW with capacity for approximately 35,650 miners.
Conferences and Events Update
Mawson has planned for its CEO and President, Rahul Mewawalla to join the following upcoming conferences and events. Please contact IR@Mawsoninc.com for further information.
- 19th Annual Needham Technology, Media and Consumer Conference in May 2024 in New York City, New York
- Consensus in May 2024 in Austin, Texas
- Artificial Intelligence (AI) Summit in June 2024 in London, United Kingdom
- Mining Disrupt in June 2024 in Miami, Florida
- Bitcoin 2024 in July 2024 in Nashville, Tennessee
- Blockchain Futurist in August 2024 in Toronto, Canada
- Gateway Conference in September 2024 in San Francisco, California
- Token 2049 in September 2024 in Singapore
- Bitcoin Europe in October 2024 in Amsterdam, Netherlands
- World Summit Artificial Intelligence (AI) in October 2024 in Amsterdam, Netherlands
- Money 20/20 in October 2024 in Las Vegas, Nevada
Operational and Other Updates
Mawson’s operating sites, Midland and Bellefonte in Pennsylvania, have approximately 109 MW of total power capacity capable of supporting 35,650 miners for either self-mining or co-location services. The Midland facility has approximately 100 MW of total power and the capacity to support a total of approximately 32,930 miners for self-mining and/or co-location services. On March 25th, 2024 Mawson signed a customer service addendum to its previous Customer Service Framework Agreement with an enterprise customer, Consensus Technology Group LLC, expanding its overall co-location services business by approximately an additional 5,880 miners or approximately an additional 20 MW. Upon the expansion deployment being completed, Mawson is expected to provide co-location business services across its multiple co-location enterprise customers for a total of approximately 82 MW and over 25,284 miners. Mawson’s Bellefonte facility continues to operate at approximately 8.8 MW of capacity and is used entirely for self-mining purposes.
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is building the next generation digital infrastructure platform. Our innovation, technology, and operational expertise enables us to operate and optimize digital infrastructure to accelerate the digital economy including the growth of the bitcoin network, digital assets and other high-performance computing solutions using a carbon-free energy approach.
For more information, visit: https://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 SEC on April 1, 2024, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2023, August 21, 2023, November 13, 2023, 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.
For more information, visit:
Website: https://www.mawsoninc.com/
Twitter: Mawson (@Mawsoninc) / X (twitter.com)
LinkedIn: https://www.linkedin.com/company/mawsoninc/
Facebook: Mawson Inc | Pittsburgh PA | Facebook
Investor Contact:
Investor Relations Team
IR@mawsoninc.com
Media Contact:
Media Relations Team
mediarelations@mawsoninc.com
__________________________
1 Revenue equivalent BTC is the total revenue of the Company for the period divided by the average BTC price. For the month of March, the figure used is
FAQ
What was the total revenue growth for Mawson Infrastructure Group Inc. in March 2024?
How much did the self-mining business revenue increase by in March 2024?