Mawson Infrastructure Group Inc. Announces Monthly Operational Update for November 2023
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The reported 47% month-over-month increase in total revenue for Mawson Infrastructure Group Inc. is a substantial growth metric that investors typically view favorably, as it suggests a strong upward trajectory in the company's earning potential. The conversion of revenue into Bitcoin equivalent provides a clear picture of the company's performance within the digital currency space, which is of particular interest given the volatile nature of cryptocurrency markets.
Furthermore, the deployment of approximately 15,876 miners and the signing of a new co-location customer for an additional 6 MW and 1,764 miners are significant operational milestones. These developments are likely to contribute to future revenue streams and operational efficiency. The expansion of the co-location facilities indicates a scaling of the company's infrastructure capacity, which is essential for supporting increased mining activities.
However, it is important to consider the operational costs and capital expenditures associated with such expansions, as they can have substantial impacts on the company's profitability. Additionally, the reliance on the fluctuating price of Bitcoin as a revenue measure introduces a degree of risk and uncertainty for investors.
The cryptocurrency mining industry is highly competitive and subject to rapid changes in technology and market conditions. Mawson's update indicates that the company is successfully navigating these challenges by expanding its co-location services. This strategy not only diversifies the company's revenue streams but also mitigates the risk associated with the direct mining of cryptocurrencies.
It is noteworthy that the co-location model provides scalability and could attract additional customers looking to outsource their mining operations. The ability to quickly deploy a large number of miners is indicative of strong operational capabilities and suggests that Mawson is well-positioned to capitalize on the increasing demand for cryptocurrency infrastructure services.
Investors should be aware of the energy consumption implications of cryptocurrency mining and the potential regulatory changes that could affect the industry. The long-term sustainability of Mawson's operations may hinge on the company's ability to adapt to these external factors.
The digital infrastructure sector, particularly cryptocurrency mining, is sensitive to broader economic trends such as interest rates, energy prices and technology advancements. The announcement of Mawson's revenue increase and operational expansion occurs within a context where these economic factors play a critical role.
While the short-term revenue growth is promising, the long-term outlook must account for the volatility of cryptocurrency markets, the cost of electricity and potential regulatory challenges. The company's growth strategy appears to be aggressive, which could position it well if the industry continues to grow, but it also amplifies the risk if the sector faces a downturn.
From an economic standpoint, successful deployment and the signing of new co-location contracts could indicate confidence in the sector's growth potential. However, the sustainability of this growth is contingent upon the company's ability to maintain profitability in the face of fluctuating Bitcoin prices and operational costs.
November Total Revenue increased
November Total Revenue of Bitcoin Equivalent of 132 BTC1
Completed Co-Location Customer Deployment of ~50 MW and ~15,876 miners
Recently Signed Additional Co-Location Customer For ~6 MW and 1764 miners
PITTSBURGH, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure company, announced today its unaudited business and operational update for November 2023.
Rahul Mewawalla, CEO and President, commented, “We are very excited to announce the completion of the full deployment of our new co-location customer in mid-November, adding approximately 15,876 miners at our Midland, Pennsylvania facility. With this deployment completed in the middle of November, along with upcoming ramp up of our most recently executed and new co-location customer agreement, we expect our co-location business to expand further in December and into 2024. In addition to further growth in our co-location business, we are excited about the growth we have driven in our self-mining and overall business, including the recent
Unaudited November Monthly Operating Results Summary
- Total monthly revenue equivalent of 132 BTC1 or about
$4.81 million . 47% M/M growth in total revenue.- Completed new customer co-location services deployment for a total of ~15,876 Bitmain S19 XP miners.
- Co-location services revenue ramped up significantly to
$1.98 million . - Self-mining revenue increased with
24% M/M growth to$2.29 million . - Energy Management revenue of
$0.54 million . - Total Power Capacity was approximately 109 MW with capacity for approximately 35,650 miners.
Conferences and Events Update
Mawson has planned to join the following upcoming conferences and events next month. Please contact IR@Mawsoninc.com for further information.
- Annual Needham Growth Conference in New York City, New York – Rahul Mewawalla, CEO and President and Sandy Harrison, CFO
- Quantum Conference in Miami, Florida – Rahul Mewawalla, CEO and President
Operational Updates
In November, Mawson’s two Pennsylvania sites, Midland and Bellefonte had approximately 109 MW of total power capacity capable of supporting 35,650 miners for either self-mining or co-location. The Midland facility had 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. In the middle of November, the Company completed the deployment of its new co-location services partner, a wholly-owned subsidiary of Consensus Technology Group (“Consensus”) for approximately 15,876 Bitmain Antminer S19 XP miners or approximately 50 MW at its Midland site. In December, the Company announced that it executed another co-location agreement with a new co-location customer Krypton Technologies LLC, for approximately 6 MW and 1,764 miners, which is expected to be ramped up and deployed by the end of the year. At the end of November, the Bellefonte facility was operating at approximately 8.8 MW of capacity and continues to be used entirely for self-mining purposes.
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
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, 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.
Investor Contact:
Sandy Harrison
Chief Financial Officer
IR@mawsoninc.com
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1 Revenue equivalent BTC is the total revenue of the Company for the period divided by the average BTC price. For the month of November, the figure used is
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