Mawson Infrastructure Group Inc. Announces Monthly Operational Update for June 2024
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) reported strong growth in its June 2024 operational update. The company's digital colocation business revenue increased 56% year-over-year to $2.48 million, while energy management revenue surged 262% year-over-year to $0.74 million. Mawson completed a 20 MW facility expansion, increasing total capacity to 129 MW and 41,530 miners.
The company also expanded its digital computation expertise by executing a colocation agreement for about 5,880 IceRiver KAS KS3M miners to mine Kaspa (KAS), the fifth-largest proof-of-work digital asset by market cap. This move allows Mawson to broaden its expertise across various digital assets and high-performance computing solutions.
Overall monthly revenue reached approximately $3.81 million, equivalent to about 58 BTC. The company's CEO, Rahul Mewawalla, expressed excitement about accelerating innovation across the broader ecosystem and advancing next-gen compute resources.
- Digital colocation business revenue increased 56% year-over-year to $2.48 million
- Energy management business revenue grew 262% year-over-year to $0.74 million
- Completed 20 MW facility expansion, increasing total capacity to 129 MW and 41,530 miners
- Executed new colocation services agreement for about 5,880 IceRiver KAS KS3M miners to mine Kaspa
- Overall monthly revenue reached approximately $3.81 million
- None.
Insights
The significant year-over-year revenue growth in Mawson Infrastructure Group's digital colocation and energy management businesses is noteworthy. A 56% increase in digital colocation revenue and a 262% spike in energy management revenue indicate robust growth. The completion of a 20 MW facility expansion bolsters their capacity, enhancing their potential revenue streams. Such expansions can lead to increased operational efficiency and higher profit margins. However, investors should also be mindful of the capital expenditures involved and any potential dilution of shares if funding was raised through equity. The growth in energy management suggests strong demand for their solutions, which is a positive signal for future revenue projections.
Mawson's new agreement to mine Kaspa (KAS) showcases their strategic diversification in digital assets. The Kaspa network's BlockDAG technology, which allows multiple blocks to be produced simultaneously, is an innovative twist on traditional blockchain technology. This could allow for faster transaction processing and potentially higher block rewards for miners. This technological advantage might make Kaspa a more attractive mining option compared to traditional blockchains like Bitcoin. For investors, this means Mawson is not just expanding capacity but also embracing cutting-edge technologies that could provide a competitive edge. However, the volatility of the digital asset market and the competitive nature of the mining industry should be considered.
The successful execution of the colocation services agreement for 5,880 IceRiver KAS KS3M miners signifies Mawson's strategic move to integrate and support emerging digital assets like Kaspa. This move positions Mawson to capitalize on the growing interest in high-performance computing solutions and proof-of-work digital assets. From a market perspective, this diversification can reduce dependency on a single digital asset, spreading risk. However, it also means that their performance could be influenced by the market conditions of multiple digital assets, which adds a layer of complexity. Investors should consider the implications of this diversified approach on long-term stability and growth prospects.
Digital Colocation Business Revenue up
Energy Management Revenue up
Completed 20 MW Facility Expansion Increasing Total Capacity to 129 MW and 41,530 miners
Expands Digital Colocation Business and Digital Computation Expertise with Enterprise Customer for about 5,880 IceRiver KAS KS3M Miners to mine Kaspa (KAS)
MIDLAND, Pa., July 18, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson” or “the Company”), a publicly traded digital infrastructure company, announced today its unaudited business and operational update for June 2024.
Rahul Mewawalla, CEO and President, commented, “We are delighted to provide updates on a number of fronts – we are pleased with the growth of our digital platforms with
Unaudited June Monthly Operating Results Summary
- Digital Colocation Monthly Business Revenue increased
56% Y/Y to$2.48 million . - Energy Management Monthly Business Revenue increased
262% Y/Y to$0.74 million . - Self-Mining Monthly Business Revenue of
$0.59 million and Overall Monthly Revenue of about$3.81 million and the equivalent of about 58 BTC1. - Completed expansion of the Midland Pennsylvania facility, strategically located near Pittsburgh, increasing the Company’s capacity at that facility by 20 MW and to approximately a total of 129 MW and about 41,530 miners across all facilities.
- Executed new colocation services agreement for about 5,880 IceRiver KAS KS3M to mine Kaspa (KAS). Kaspa (KAS) is a proof-of-work (PoW) digital asset and currently is the fifth largest proof-of-work digital asset by market capitalization. The circulating supply of Kaspa is approximately 24.2 billion KAS with a current block reward of 98.00 KAS, and the terminal supply is capped at 28.7 billion KAS.
- Similar to Bitcoin, Kaspa is an open-source, decentralized, and fully scalable Layer-1 protocol that uses proof-of-work as its consensus mechanism. However, different from Bitcoin’s blockchain, which is linear and processes one block every ten minutes, Kaspa utilizes a BlockDAG (Directed Acyclic Graph) that enables multiple blocks to be produced simultaneously. The Kaspa network currently processes one block every second, allowing for faster transactions and providing Kaspa miners with the opportunity to potentially earn more block rewards in a given time frame. Executing a Kaspa digital colocation business services agreement enables Mawson to expand its expertise across a broader set of digital assets compute, including digital assets such as Bitcoin and Kaspa and other emerging high-performance computing solutions.
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.
- 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
- H.C. Wainwright 26th Annual Global Investment Conference in September 2024 in New York City, New York
- 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
- Pacific Bitcoin in October 2024 in Los Angeles, California
- Money 20/20 in October 2024 in Las Vegas, Nevada
About Mawson Infrastructure Group, Inc.
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://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 Application Specific Integrated Circuit (“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 of 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 August 21, 2023, November 13, 2023, May 15, 2024, 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: https://mawsoninc.com/
Twitter: Mawson (@Mawsoninc) / X (twitter.com)
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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 June, the figure used is
FAQ
What was Mawson Infrastructure Group's (MIGI) digital colocation revenue growth in June 2024?
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