Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the
“Company”), a digital infrastructure company, announced today its
unaudited business and operational update for December 2023.
Rahul Mewawalla, CEO and President, commented,
“We are extremely pleased to deliver another robust month of
significant revenue growth with 34% month-on-month revenue growth
in our co-location business and 27% month-on-month revenue growth
in our self-mining business. I am tremendously proud of our
organization, our continued focus on operational excellence, our
technological advancements, and our accelerated completion of the
deployment of our two new co-location customers at our
facilities.”
Unaudited December Monthly Operating
Results Summary
- Total monthly revenue about $5.97
million or about equivalent of 140 BTC1.
- 34% M/M growth in co-location
business revenue, increased to $2.66 million.
- 27% M/M growth in self-mining
business revenue, increased to $2.92 million.
- Completed second customer
co-location services deployment for ~6MW and 1,764 miners.
- 24% M/M growth in total overall
revenue.
- Energy Management revenue was about
$0.40 million.
- Total Power Capacity was
approximately 109 MW with capacity for approximately 35,650
miners.
Conferences and Events
Update
Mawson has planned to join the following upcoming conferences
and events in January. Please
contact IR@Mawsoninc.com for further information.
- 26th Annual Needham Growth
Conference in New York City, New York – Rahul Mewawalla, CEO and
President
Operational and Other
Updates
Towards the close of 2023, Mawson’s two Pennsylvania sites,
Midland and Bellefonte had approximately 109 MW of total power
capacity capable of supporting 35,650 miners for either self-mining
or co-location services. The Midland facility had 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. In December, the Company completed the deployment of its
newest co-location services customer, Krypton Technologies LLC, for
approximately 6 MW and 1,764 miners. The Krypton deployment follows
the completed deployment of the Company’s other co-location
customer Consensus Technology Group (“Consensus”) for approximately
15,876 miners or approximately 50 MW. At the end of December, the
Bellefonte facility was operating at approximately 8.8 MW of
capacity and continues to be used entirely for self-mining
purposes.
Also, Mawson recently filed for arbitration proceedings against
CleanSpark, Inc. (Nasdaq: CLSK). As disclosed in Mawson’s previous
filings, Mawson has reserved all rights and believes that Mawson is
owed at least $2 million from CleanSpark, Inc. This claim arises
out of the obligations of CleanSpark to make payments to Mawson
related to Mawson’s sale of its Georgia facility to CleanSpark, as
disclosed in the Company’s previous filings. In addition, on July
13, 2022, Celsius Mining LLC and Celsius Network LLC and other
related entities (collectively, “Celsius”), filed for bankruptcy
relief under Chapter 11 in the United States Bankruptcy Court for
the Southern District of New York, Case No. 22-10964. In that
matter, on November 23, 2023, Celsius Mining LLC filed an adversary
proceeding, Adv. Case No. 23-01202, against Mawson, its
subsidiaries Luna Squares LLC and Cosmos Infrastructure LLC,
asserting various claims related to the Co-Location Agreement and
Secured Promissory Note, claiming it is owed approximately $8
million under the promissory note and claiming entitlement to
return of $15.33 million paid as deposit. Mawson denies that
Celsius is entitled to the relief it seeks in the adversary
proceeding and is considering filing counterclaims against Celsius
which could be in excess of the claims asserted against it.
Mawson further contests that Celsius’ case against it should
proceed in the bankruptcy court at all. Mawson filed a motion to
compel arbitration on January 2, 2024. Many of the related claims
and disputes between Mawson and Celsius have been disclosed in more
detail in Mawson’s previous filings with the SEC and in Celsius’
bankruptcy case.
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital
infrastructure company. Mawson’s vertically integrated model is
based on a long-term strategy to promote the global transition to
the new digital economy. Mawson aligns digital infrastructure,
sustainable energy, and next-generation fixed and mobile data
center solutions, enabling efficient Bitcoin production and
on-demand deployment of digital infrastructure assets. Mawson
Infrastructure Group is emerging as a global leader in ESG focused
digital infrastructure and Bitcoin mining.
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 100% deployment of ASIC miners.
Given the large numbers of computing units (often numbering in the
tens of thousands), ASIC mining fleets are rarely 100% deployed and
online at any one time. This can be due to a variety of factors,
including ASIC miners being under maintenance, in repair workshops,
in storage, in transit, or due to technical faults and breakdowns.
Once deployed and online, the actual or observed hashrate can be
influenced by other factors such as heat, overclocking (causing the
ASIC miner to perform at levels higher than the manufacturer’s
specifications), the age, and wear and tear exhibited by the ASIC
miners and also by the limitations of the surrounding
infrastructure, such as power outages, and MDC and transformer
breakdowns. Construction and development delays are a common risk
for mining data centers, for example due to weather, permitting
delays, or labor and equipment shortages. Investors should consider
all risk factors related to uptime when considering these figures,
which are a best-case scenario.
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 March 23, 2023, 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.
Investor Contact: Sandy Harrison Chief
Financial OfficerIR@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
December, the figure used is $42,577.16.
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