Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the
“Company”), a digital infrastructure company, announced today its
unaudited business and operational update for August 2023.
Rahul Mewawalla, CEO and President,
commented, “I am delighted to share that August was
another solid month of growth for our self-mining Bitcoin business,
with production increasing 27% M/M, and was a new monthly
operational performance record for our sites. This robust
performance demonstrates results from our enhanced focus on
strengthening the operational excellence and performance of our
self-mining platform and capabilities. In addition, we are pleased
to see interest from several potential new co-location and hosting
customers who are looking to benefit from Mawson’s operational
capabilities, scalability, attractive power pricing, and our
strategically located sites in the PJM markets.”
Unaudited August Monthly Operating
Results Summary¹
- Self-Mining Bitcoin production
increased 27% M/M to 88 BTC, and set a new operational performance
record for the Company’s Pennsylvania sites.
- Total self-miners hashing at
the end of August increased 8% M/M to approximately 15,600
- Approximately $3.88M in Monthly
Revenue for August 2023
- Self-Mining Monthly Revenue
increased 18% to $2.44M
- Hosting Co-location Monthly Revenue
declined as expected to $1.29M
- Energy Market Program Monthly
Revenue was approximately $0.14M
- Total Power Capacity was
approximately 109 MW with capacity for nearly 32,500 miners
Operational Updates
Mawson’s two sites in Pennsylvania, located in
Midland, Pennsylvania and Bellefonte, Pennsylvania, have
approximately 109 MW of total power capacity. In August, the
Midland facility had a power capacity of approximately 100 MW with
capacity to support a total of approximately 30,000 miners for
either self-mining or co-location and hosting services. As of the
end of August, the Company had approximately 50 MW and
approximately 13,150 miners hashing for self-mining purposes and
currently expects this number of miners to increase in Q4 2023.
As previously announced, the co-location
agreement with company’s hosting customer ended on August 23, and
the Company ceased operating the customer’s miners. The Company
currently has approximately 50 MW of capacity that could be offered
for co-location and hosting services, and the Company is seeing
interest from several potential new co-location and hosting
customers.
At the end of August, the Bellefonte facility,
which is used entirely for self-mining purposes, was operating
approximately 8.8 MW of capacity with approximately 2,460 miners
hashing for self-mining. The Company has been ramping up this
facility with a focus to enhance overall operating performance.
During the month of August, Mawson focused on
improving its self-mining business operating performance and miner
uptime at its facilities, which is expected to continue to enhance
its self-mining operations going forward.
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, 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 All figures
unaudited, and as of August 31, 2023.
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