Is This Company The Fastest-Growing Bitcoin Mining Company on NASDAQ?

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Bitcoin BTC/USD mining has been described by some as the gold rush of the 21st century.

Bitcoin — dubbed the world’s most famous cryptocurrency — has attracted overwhelming attention from people around the world. Before China lost its place as the powerhouse of Bitcoin mining because of the government crackdown on cryptocurrencies earlier last year, the majority of the world’s hashrate was owned by Chinese miners.

The crackdown seems to be a blessing for cryptocurrency miners outside China who are now working to turn their cities into Bitcoin mining capitals and become the largest owners of Bitcoin hashrate in the industry. Some of these companies include Marathon Digital Holdings Inc. MARA, Riot Blockchain Inc. RIOT, and Core Scientific Inc. CORZ.

Unlike its counterparts that have been in the crypto space for a while, Mawson Infrastructure Group Inc. MIGI is reportedly setting the pace as one of the fastest-growing companies in the industry.

What Sets Mawson Apart?

Founded in 2020, Mawson is currently operating above 1.0 ExaHash (EH) and is expecting to have a hashrate of about 1.1 EH by the end of January, representing 38% growth from November. With the new hashrate, the company plans to be able to produce approximately 5.8 Bitcoins per day. Mawson says it's going through a time of exponential expansion, growing its hashrate to 5 EH in the next 12 months.

“Over the next 12 months, Mawson is going through a period of hyper-growth — moving from 1.1 EH in January 2022 to 5 EH in early quarter 1 of 2023. We are one of the fastest-growing Bitcoin miners on the NASDAQ,” Mawson Chief Commercial Officer Nick Hughes-Jones said.

Directors and management own 24% of Mawson – more than any other NASDAQ-listed Bitcoin miner, Hughes-Jones said. High insider ownership could represent confidence in the prospects of a company and ownership of its shares. 

Crypto mining is energy-consuming and often criticized for contributing to carbon emissions because most miners use coal and fossil fuels to generate enough power to run mining rigs. Mawson is known for its heavy reliance on sustainable or carbon-free energy sources to power its mining infrastructure unlike some of its competitors. “Mawson is one of the most sustainable Bitcoin miners on the NASDAQ, we predominantly use nuclear and hydro energy. The balance of energy that is not carbon-free, we use carbon credits to offset,” Hughes-Jones said.

Bitcoin mining is an energy-intensive process. Mining rigs produce a lot of heat, and having several mining rigs at a mining center requires an external cooling system. Mawson claims it is one of the lowest-cost Bitcoin miners. The company’s latest investor presentation says that it costs on average $5,321 per Bitcoin produced.

Ever since the infrastructure-focused company was established, it has managed to purchase over 200 modular data centers (MDCs), over 100 electrical transformers, and more than 40,000 Bitcoin miners.

“At Mawson, we have an infrastructure-first focus. In an industry that is in short supply of energy and energy infrastructure, we are in a good spot. We have the infrastructure in place to scale rapidly,” Hughes-Jones said.

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