Mawson Infrastructure Group Inc. Announces Monthly Operational Update for November 2023
December 20 2023 - 4:35PM
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the
“Company”), a digital infrastructure company, announced today its
unaudited business and operational update for November 2023.
Rahul Mewawalla, CEO and President, commented,
“We are very excited to announce the completion of the full
deployment of our new co-location customer in mid-November, adding
approximately 15,876 miners at our Midland, Pennsylvania facility.
With this deployment completed in the middle of November, along
with upcoming ramp up of our most recently executed and new
co-location customer agreement, we expect our co-location business
to expand further in December and into 2024. In addition to further
growth in our co-location business, we are excited about the growth
we have driven in our self-mining and overall business, including
the recent 47% increase in total revenue over the prior month.”
Unaudited November Monthly Operating
Results Summary
- Total monthly revenue equivalent of
132 BTC1 or about $4.81 million.
- 47% M/M growth in total
revenue.
- Completed new customer co-location
services deployment for a total of ~15,876 Bitmain S19 XP
miners.
- Co-location services revenue ramped
up significantly to $1.98 million.
- Self-mining revenue increased with
24% M/M growth to $2.29 million.
- Energy Management revenue of $0.54
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 next month. Please
contact IR@Mawsoninc.com for further information.
- Annual Needham Growth Conference in
New York City, New York – Rahul Mewawalla, CEO and President and
Sandy Harrison, CFO
- Quantum Conference in Miami,
Florida – Rahul Mewawalla, CEO and President
Operational Updates
In November, 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.
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 the middle of November,
the Company completed the deployment of its new co-location
services partner, a wholly-owned subsidiary of Consensus Technology
Group (“Consensus”) for approximately 15,876 Bitmain Antminer S19
XP miners or approximately 50 MW at its Midland site. In December,
the Company announced that it executed another co-location
agreement with a new co-location customer Krypton Technologies LLC,
for approximately 6 MW and 1,764 miners, which is expected to be
ramped up and deployed by the end of the year. At the end of
November, the Bellefonte facility was operating at approximately
8.8 MW of capacity and continues to be used entirely for
self-mining purposes.
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 November, the figure used is
$36,526.76.
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