Mawson Infrastructure Group Inc. Announces Monthly Operational Update for March 2024
April 18 2024 - 7:00AM
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the
“Company”), a digital infrastructure company, announced today its
unaudited business and operational update for March 2024.
Rahul Mewawalla, CEO and President, commented,
“We are very pleased with our digital platform capabilities and our
total revenue in March 2024 growing to double of our revenue back
in March last year with 100% Y/Y growth. We are also excited to
grow our self-mining business revenue by 182% Y/Y and grow our
co-location business revenue by 54% Y/Y. In addition, we are
delighted to expand our co-location customer agreement and to grow
our business with our enterprise customers. Our robust portfolio
mix and our enhanced capabilities across all three of our
businesses – self-mining, co-location business services, and energy
management – provides us with a broader set of opportunities
ahead.”
Unaudited March Monthly Operating Results
Summary
- Total monthly revenue doubled Y/Y with 100% Y/Y growth to about
$5.44 million and the equivalent of 83 BTC1.
- Self-mining business revenue increased 182% Y/Y and 12% M/M to
$2.87 million.
- Co-location business revenue was $2.40 million and is expected
to expand to approximately 82 MW and over 25,284 miners. Energy
management revenue was $0.17 million.
- Total Power Capacity was approximately 109 MW with capacity for
approximately 35,650 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.
- 19th Annual Needham Technology, Media and Consumer
Conference in May 2024 in New York City, New York
- Consensus in May 2024 in Austin, Texas
- Artificial Intelligence (AI) Summit in June 2024 in London,
United Kingdom
- Mining Disrupt in June 2024 in Miami, Florida
- Bitcoin 2024 in July 2024 in Nashville, Tennessee
- Blockchain Futurist in August 2024 in Toronto, Canada
- Gateway Conference in September 2024 in San Francisco,
California
- Token 2049 in September 2024 in Singapore
- Bitcoin Europe in October 2024 in Amsterdam, Netherlands
- World Summit Artificial Intelligence (AI) in October 2024 in
Amsterdam, Netherlands
- Money 20/20 in October 2024 in Las Vegas, Nevada
Operational and Other Updates
Mawson’s operating sites, Midland and Bellefonte in
Pennsylvania, have approximately 109 MW of total power capacity
capable of supporting 35,650 miners for either self-mining or
co-location services. The Midland facility has 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. On March
25th, 2024 Mawson signed a customer service addendum to its
previous Customer Service Framework Agreement with an enterprise
customer, Consensus Technology Group LLC, expanding its overall
co-location services business by approximately an additional 5,880
miners or approximately an additional 20 MW. Upon the expansion
deployment being completed, Mawson is expected to provide
co-location business services across its multiple co-location
enterprise customers for a total of approximately 82 MW and over
25,284 miners. Mawson’s Bellefonte facility continues to operate at
approximately 8.8 MW of capacity and is used entirely for
self-mining purposes.
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://www.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 April 1, 2024, 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.
For more information, visit: Website:
https://www.mawsoninc.com/Twitter: Mawson (@Mawsoninc) / X
(twitter.com)LinkedIn:
https://www.linkedin.com/company/mawsoninc/Facebook: Mawson Inc |
Pittsburgh PA | Facebook
Investor Contact: Investor Relations
TeamIR@mawsoninc.com
Media Contact:Media Relations
Teammediarelations@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 March, the figure used is $67,402.50.
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