Mawson Produces Record Bitcoin In February, Expects To Generate Additional Revenue With Hosting Contracts

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Mawson Infrastructure Group Inc. MIGI announced unaudited bitcoin production and operational update for February 2022.

Bitcoin Self-Mining Update:

• In February Mawson produced 152 Bitcoin, +8.5% vs January 2022 
• February average hash rate at approximately 1.15 Exahash, +28% vs January 2022 
• February end of month hash rate at approximately 1.3 Exahash, +18% vs January 2022
• March end of month hash rate expected to be 1.5 Exahash, producing approximately 6.8 bitcoin per day

Hosting Co-location Update:

• Mawson is using its infrastructure and Bitcoin mining expertise to help the leading players in the space expand and grow in a mutually beneficial relationship for Mawson shareholders. 
• 4 megawatts of hosting customers online in February
• In early March, a new 100 megawatt hosting co-location agreement was signed with Celsius Mining LLC, first deployment at Mawson’s hosting facilities expected in late Q1, 2022.
• In early March, a new 12 megawatt hosting co-location agreement signed with Foundry Digital LLC, first deployment at Mawson’s hosting facilities expected in late Q1, 2022

Operational Update:

In February Mawson continued to build and expand its existing and new facilities in the US and Australia. ASIC Bitcoin miners continue to be delivered on a monthly basis, with a batch of Canaan A1246 miners delivered during the month. February saw 3 fewer calendar days vs January, as well as a continued rise in network difficulty over the course of the month. Despite these headwinds, monthly Bitcoin production was up +8.5% vs January 2022, and up +300% vs February 2021.

Midland, Pennsylvania facility: First Modular Data Centres (MDCs) and electrical transformers have arrived, with the site expected to be online with approximately 16 megawatts of mining hardware by the end of March 2022.

Sandersville, Georgia facility: 38 Modular Data Centres (MDCs) now deployed on site, expected to be fully operational at approximately 80 megawatts online by the end of March 2022. Stage 3 expansion has been approved to 230 megawatts (capable of accommodating up to 7.5 Exahash) with site planning now underway. 

Australian facility: Due to weather-related issues, operational ramp-up now expected to occur throughout Q2, with the facility fully operational by June 2022.

Expected Hash Rate Growth:

Mawson expects Bitcoin Self-Mining to be at 3.35 EH by Q2, 2022, and reiterated the 2023 target of 5 EH online by early Q1.

Aerial views of Sandersville, Georgia facility expansion

On March 4, 2022, James Manning, CEO and Founder of Mawson, said, “In FY2021, we generated (unaudited) $850,000 in revenue from our 2 MW of hosting customers – the agreements we have signed this week take us to 114 MW in our hosting business in total. Our hosting business is expanding rapidly and total contracts signed to date makes us one of the largest Nasdaq-listed Bitcoin mining companies."

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.