Mawson Infrastructure Group Inc. Announces New Site in Pennsylvania, USA

Rhea-AI Summary

Mawson Infrastructure Group (MIGI) has signed a three-year lease for six acres in Midland, Pennsylvania, allowing for up to 100MW of power capacity to support its bitcoin mining operations. The site, which features 50MW of available capacity and options to expand, is set to begin development this month and is expected to become operational in late 2021 or early 2022. Mawson aims to source most of its energy from renewable sources. This strategic location enhances Mawson's aim to achieve 5000 PH by early 2023.

Positive

• Secured a three-year lease for six acres with up to 100MW capacity.
• Immediate availability of 50MW capacity with potential for an additional 50MW.
• Favorable site conditions reduce costs per MW and improve deployment speed.
• Plans to source majority of energy from renewable, non-carbon emitting sources.

Negative

• None.

Mawson to lease six acres with up to 100MW of capacity, with opportunity to expand over time

SYDNEY--(BUSINESS WIRE)-- Mawson Infrastructure Group Inc. (OTCQB:MIGI) (“Mawson”), a digital infrastructure provider with diversified operations across bitcoin mining and digital asset management, is pleased to announce it has executed a three-year lease with Jewel Acquisition LLC for use of a small portion of their site and associated power infrastructure in Midland, Pennsylvania. The lease includes renewal options for up to a total of 15 years.

The site has 50 megawatts (MW) of capacity available immediately, with electrical infrastructure in place to support an additional 50MW. Mawson intends to deploy its Modular Data Centre (MDC) bitcoin mining solution to the Midland site. On-site development is expected to begin this month, with the MDC becoming operational in late 2021/early 2022.

Mawson intends to purchase the majority of the energy from renewable/non-carbon emitting sources.

James Manning, CEO and Founder of Mawson, said, "We are very happy to have secured another large site in a market environment where large scale power infrastructure is becoming scarce. This opportunity brings a substantial already-installed power infrastructure, reducing our cost per MW and maximizing our speed to deploy. This site, combined with our flagship Georgia site, underpins our target of securing 5000 PH by early 2023.”

About Mawson Infrastructure

Mawson Infrastructure is a digital infrastructure provider, with diversified operations across Cryptocurrency Mining and Digital Asset Management. Headquartered in Sydney, Australia and operating across the USA and Australia, Mawson Infrastructure’s mission is to build a bridge between the rapidly emerging digital asset industry and traditional capital markets, with a strong focus on shareholder returns. Mawson matches energy infrastructure with next-generation mobile data centre solutions, enabling the proliferation of blockchain technology.

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, further or new regulation of digital assets and the successful expansion of electrical infrastructure at the Midland site. 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 March 1, 2021 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005666/en/

Investor Contact:

Brett Maas

646-536-7331

brett@haydenir.com

www.haydenir.com

Source: Mawson Infrastructure Group Inc.

FAQ

What recent lease agreement did Mawson Infrastructure Group (MIGI) sign?

Mawson signed a three-year lease for six acres in Midland, Pennsylvania, with the possibility of expanding power capacity to 100MW.

When will Mawson's new bitcoin mining site become operational?

The new site is expected to become operational in late 2021 or early 2022.

What is Mawson's energy sourcing plan for its new site?

Mawson plans to purchase the majority of its energy from renewable, non-carbon emitting sources.

What is Mawson Infrastructure Group's target for hash rate by early 2023?

Mawson aims to achieve a hash rate of 5000 PH by early 2023.