Mawson Infrastructure Group Inc. Announces Monthly Operational Update for May 2024
June 20 2024 - 5:15PM
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or “the
Company”), a digital infrastructure company, announced today its
unaudited business and operational update for May 2024.
Rahul Mewawalla, CEO and President, commented,
“We are pleased with the growth of our digital platforms with 85%
year-over-year revenue growth of our digital co-location business
and 139% year-over-year revenue growth of our energy management
business, compared to May of last year. We have continued to expand
our enterprise grade co-location customer relationships and have
also advanced our strong operational and technological capabilities
across all three of our businesses – self-mining, digital
co-location business services, and energy management.”
Unaudited May Monthly Operating Results
Summary
- Digital Co-location Business Revenue increased 85% Y/Y to $2.76
million.
- Energy Management Business Revenue increased 139% Y/Y to $0.97
million.
- Self-Mining Business Revenue of $0.74 million and Overall
Monthly Revenue increased 19% Y/Y to about $4.46 million and the
equivalent of about 70 BTC1.
- Current Total Power Capacity across Company’s facilities
approximately 109 MW with capacity for approximately 35,650
miners.
- Expansion of the Midland facility is progressing well and will
increase the Company’s capacity by 20 MW to approximately a total
of 129 MW and about 41,530 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.
- 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
About Mawson Infrastructure Group, Inc.
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://mawsoninc.com/
Statements about hashrate capacityStatements 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
STATEMENTSMawson 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 of 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 August 21, 2023, November 13, 2023, and
May 15, 2024, 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: https://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 May,
the figure used is $65,153.
Mawson Infrastructure (NASDAQ:MIGI)
Historical Stock Chart
From May 2024 to Jun 2024
Mawson Infrastructure (NASDAQ:MIGI)
Historical Stock Chart
From Jun 2023 to Jun 2024