Mawson Infrastructure Group Inc. Announces Monthly Operational Update for April 2024
Mawson Infrastructure Group (NASDAQ:MIGI) released its unaudited operational update for April 2024, showing significant year-over-year growth.
Total revenue increased by 65% to approximately $4.85 million, driven primarily by a 73% increase in self-mining revenue ($1.92 million) and a 105% surge in co-location business revenue ($2.87 million).
The company announced plans for a 20 MW expansion at its Midland facility, which will boost its total capacity to 129 MW and accommodate about 41,530 miners. Current power capacity stands at 109 MW, supporting approximately 35,650 miners.
CEO Rahul Mewawalla highlighted the company's strategic focus and operational execution as key drivers of this growth.
Upcoming conferences include Consensus in Austin, TX, AI Summit and Fintech Week in London, and Bitcoin 2024 in Nashville.
- Total overall revenue up 65% Y/Y to approximately $4.85 million.
- Self-mining business revenue increased 73% Y/Y to $1.92 million.
- Co-location business revenue surged 105% Y/Y to $2.87 million.
- Announced 20 MW expansion plan, increasing future total capacity to 129 MW.
- Current power capacity is 109 MW, supporting approximately 35,650 miners.
- Expansion to support around 41,530 miners in the future.
- Results are unaudited, which could lead to revisions.
- No specific financial projections for future quarters or years provided.
- Potential significant capital expenditure needed for the 20 MW expansion.
Insights
The announcement on Mawson Infrastructure Group Inc.'s April 2024 operational update indicates significant revenue growth year-over-year. The company's total monthly revenue increased by
However, it's essential to consider the sustainability of this growth. Evaluating the company's operational costs, the scalability of their self-mining operations and the competitive landscape in the digital infrastructure industry is crucial. The recently announced 20 MW expansion plan is promising, increasing total capacity to 129 MW, but investors should scrutinize the capital expenditure and potential return on this investment. Additionally, fluctuations in the price of Bitcoin, a critical factor for revenue, can impact future performance. Mawson's ability to manage these variables will determine long-term shareholder value.
Mawson's future expansion plans include adding 20 MW to their Midland facility, bringing their total capacity to 129 MW. This move aligns with the increasing demand for robust digital infrastructure and highlights the company's commitment to scaling its co-location services. The expanded capacity will allow Mawson to support a more significant number of miners, critical for maintaining competitive advantage.
However, technology infrastructure investments come with inherent risks. The execution phase, including deployment and integration of new technology, should be monitored closely. The company must ensure that the infrastructure expansion does not face delays or technical challenges that could offset the anticipated revenue growth. Moreover, advancements in mining technology and efficiency gains should be a priority to sustain the growth trajectory in this competitive sector.
The significant revenue growth in Mawson's co-location business is indicative of increasing market adoption and customer base expansion. The
However, market dynamics can shift rapidly. Investors should consider potential competitive threats and market saturation risks. While Mawson's operational focus and strategic transformation are commendable, continuous innovation and customer satisfaction will be critical to maintaining and growing market share. Moreover, regulatory changes and market conditions should be closely watched as they can impact the business landscape significantly.
Total Overall Revenue up
Self-Mining Business Revenue up
Co-Location Business Revenue up
Announced 20 MW Expansion Plan increasing total capacity to 129 MW
MIDLAND, Pa., May 20, 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 April 2024.
Rahul Mewawalla, CEO and President, commented, “We are pleased with another strong month of year-over-year growth with our total overall revenue growing
Unaudited April Monthly Operating Results Summary
- Total monthly revenue increased
65% Y/Y to about$4.85 million and the equivalent of 74 BTC1. - Self-mining business revenue increased
73% Y/Y to$1.92 million . - Co-location business revenue increased
105% Y/Y to$2.87 million . - Recently announced co-location expansion agreement increased Mawson’s co-location services capacity to approximately 82 MW and over 25,872 miners.
- Total power capacity across Company’s facilities approximately 109 MW with capacity for approximately 35,650 miners.
- Company announced plans to expand its Midland facility by 20 MW, increasing the Company’s future total capacity to approximately 129 MW and about 41,530 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.
- Consensus in May 2024 in Austin, Texas
- Artificial Intelligence (AI) Summit in June 2024 in London, United Kingdom
- Fintech Week in June 2024 in London, United Kingdom
- Mining Disrupt in June 2024 in Miami, Florida
- Bitcoin 2024 in July 2024 in Nashville, Tennessee
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://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 August 21, 2023, November 13, 2023, and 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)
LinkedIn: https://www.linkedin.com/company/mawsoninc/
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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 April, the figure used is
FAQ
What was Mawson Infrastructure Group's revenue growth in April 2024?
How much did Mawson's self-mining revenue increase in April 2024?
What was the percentage increase in Mawson's co-location business revenue?
What is Mawson’s new power capacity after the announced expansion?
How many miners will Mawson's facilities support after the expansion?
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