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Big Digital Energy, Inc., formerly Mawson Infrastructure Group Inc., reports developments tied to its U.S. digital infrastructure business. The company designs, builds, and operates platforms for artificial intelligence, high performance computing, digital assets including Bitcoin mining, and other intensive compute applications, using a model that includes self-mining and colocation or hosting for enterprise customers.
Recurring news themes include colocation agreements, the company’s strategic shift toward AI and HPC workloads, operating and financial results, Nasdaq and capital-structure updates, board and governance changes, stockholder-rights matters, and litigation or bankruptcy-related proceedings that affect corporate liabilities and oversight.
Mawson Infrastructure Group (NASDAQ:MIGI) announced that over 99% of stockholders voted in favor of a 1 for 6 reverse stock split and the reduction of authorized common stock from 120 million shares to 90 million. This decision is aimed at ensuring compliance with Nasdaq's minimum bid price of $1. More than 68% of shares participated in the vote. The reverse stock split is expected to take effect on February 9, 2023. CEO James Manning expressed gratitude for strong stockholder support and noted the anticipated positive impact on compliance and stock liquidity.
Mawson Infrastructure Group (NASDAQ: MIGI) reported its December 2022 operational update, showcasing an installed Bitcoin mining capacity of approximately 2.9 Exahash. The energy market program generated around $4 million in December, contributing to a total of $13.9 million for 2022. CEO James Manning noted that December production reached 261.83 BTC, largely benefitting from the energy program's success. The company is focused on expanding its capacity to 4.5 Exahash by the end of Q1 2023 and aims for 8.0 Exahash by Q4 2023. Mawson also completed the relocation of its Georgia hosting customer to its Midland, PA facility.
Mawson Infrastructure Group (NASDAQ:MIGI) reports an operational capacity of approximately 2.5 Exahash by the end of November, driven by Bitcoin Self-Mining and Hosting Co-location. In November, the company generated about $1.6 million from its Energy Market Program, totaling $9.9 million for 2022. The November Bitcoin production equaled 124 BTC, including 34 self-mined BTC. Mawson has initiated expansion plans for its Pennsylvania facilities, targeting a capacity increase to 4.5 Exahash by Q1 2023 and 8.0 Exahash by Q4 2023.
Mawson Infrastructure Group reported strong Q3 2022 results with $28.3 million in revenue, a 160% increase compared to Q3 2021. The company's gross profit rose to $10.1 million, up 20%, while non-GAAP EBITDA soared to $8.8 million, reflecting a 203% growth. Mawson sold its Georgia facility to CleanSpark Inc for approximately $40 million, expected to yield a $18 million profit. The company continues to expand its Pennsylvania facilities, aiming for an operational capacity of 8.0 Exahash by late 2023.
Mawson Infrastructure Group (NASDAQ:MIGI) will host a conference call on November 14, 2022, at 5:00 p.m. ET, to discuss its third-quarter 2022 results. A new Investor Presentation will be available on the company's website. U.S. callers can join by dialing 1-877-300-8521 and international callers can reach 1-412-317-6026, using conference ID 10172926. A replay will be accessible until November 28, 2022. Mawson focuses on sustainable energy infrastructure and Bitcoin mining, aiming to be a leader in the digital economy.
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) reported an operational update for September 2022, highlighting a total Bitcoin production of 203, with 102 from self-mining and 101 from its Energy Market Program, generating approximately $2 million in revenue. The company’s installed operational capacity reached 3.7 Exahash. Additionally, the sale of its Georgia facility to CleanSpark Inc. (NASDAQ:CLSK) is expected to yield an unaudited profit of about $18 million, reinforcing Mawson's focus on expanding its Pennsylvania operations.
Mawson Infrastructure Group (NASDAQ:MIGI) announced the completion of its sale of the Sandersville, Georgia facility and up to 6,468 ASICs to CleanSpark (NASDAQ:CLSK) for approximately $40 million. This strategic move allows Mawson to focus on expansion in Pennsylvania, where it has secured low-cost energy for its Midland facility. The company anticipates a preliminary profit of around $18 million from the sale, impacting Q4 2022 earnings positively. Mawson expects its Self-Mining and Hosting Co-location capacity to reach 4.5 Exahash by Q1 2023 and 8.0 Exahash by Q4 2023.
Mawson Infrastructure Group (NASDAQ:MIGI) reported a total installed operational capacity of 3.7 Exahash at the end of August 2022. The company generated approximately $1.8 million from its Energy Market Program in August, matching July's revenue. Mawson produced a total of 170 Bitcoin in August, with 90 from self-mining and 80 via the Energy Market Program. The company is relocating miners from Georgia to Pennsylvania, focusing on high-margin operations. A sale of Georgia assets to CleanSpark (NASDAQ:CLSK) is expected to close in early October for up to $42.5 million.
Mawson Infrastructure Group (MIGI) has announced a deal to sell its Sandersville, Georgia Bitcoin Mining Facility and 6,468 ASIC miners to CleanSpark (CLSK) for up to $42.5 million. The sale includes approximately $33 million for the facility and $9.48 million for the miners. Proceeds will be used to reduce debt and expand mining operations in Pennsylvania, where Mawson has 220 megawatts of energy capacity. The transaction is expected to close in early October, pending customary conditions. Mawson aims to operate at 12.0 Exahash across its various sites.
Mawson Infrastructure Group (NASDAQ:MIGI) reported an operational capacity of 3.5 Exahash by the end of July, projected to increase to 3.7 Exahash by the end of August 2022. In July, the company produced 90 Self-Mined Bitcoin and estimated revenue of $1.8M from its Energy Demand Response Program. Cumulatively, 1039 Self-Mined Bitcoin have been produced year-to-date in FY 2022. Mawson operates approximately 44,000 ASIC Bitcoin Miners across its facilities.