Mawson Infrastructure Group Inc. Expands Midland, PA Facility by 100% to 100MW
Mawson Infrastructure Group (NASDAQ:MIGI) has completed the installation of two substation transformers at its Midland, PA site, doubling its operational capacity to 100 MW by Q2 2023. This expansion will allow the site to accommodate 29,400 miners and achieve a processing power of 3.5 EH/s. The company generated over $4 million in revenue in December through its current operations at 50 MW. Mawson aims to ramp up its Energy Markets Program with the new capacity, enhancing its market position in Bitcoin mining while adhering to carbon-free energy standards. This site is pivotal for Mawson's growth strategy and operational flexibility.
- Completion of two substation transformers doubles operational capacity to 100 MW.
- Expected revenue increase with capacity for 29,400 miners and up to 3.5 EH/s processing power.
- Generated over $4 million in revenue in December 2022 at 50 MW.
- Participation in energy markets due to expanded capacity enhances market position.
- None.
Mawson has completed the installation of two additional substation transformers at the
The site is expected to be fully operational in early Q2, 2023 with these transformers being the final piece of infrastructure required, connecting the previously built out poles and wires and is expected to double the Mawson Self-mining and hosting operations, once our modular data centers and ASIC miners are fully deployed.
The completion of the site will allow Mawson to increase its participation in its market-leading Energy Markets Program, meaning the entire 100 MW of power will be available for participation in the curtailment and demand response programs. Mawson earned more than
The site is one of two large scale Bitcoin Mining operations Mawson controls in the area. The other is the proposed 120 MW facility in
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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 Statements about ASIC miner capacity and Exahash forecasts in this document are not an assurance that Mawson will have that many ASIC miners available to deploy (whether self-mining or hosted units). Mawson’s ability to deploy units will depend on many factors such as Mawson’s future ASIC miner purchases and sales, our ability to attract future hosting customers, and the number of ASIC miners customers have to deploy.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005506/en/
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