Mawson's installed operational capacity at 3.7 Exahash as at the end of August across Bitcoin Self-Mining and Hosting Co-location
Approximately $1.8 Million generated from Mawson's Energy Market Program in August, in addition to the approximately $1.8 Million generated in July
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson" or the "Company"), a digital infrastructure provider, announces unaudited Bitcoin production and operational update for August 2022.
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Aerial view of Midland, Pennsylvania facility expansion (Photo: Business Wire)
"Since July we have continued to adapt our business model to reflect lower Bitcoin prices and higher energy costs in the USA. Our direct responses included the activation of our Energy Market Program and our focus on high margin mining opportunities and jurisdictions. Our priority continues to be on the build out of high quality, low cost per MW deployed data centers in the USA," said James Manning, CEO.
August Bitcoin Self-Mining, Energy Market Program & Hosting Co-location Update:
- Equivalent total Bitcoin Production: 170
- Equivalent BTC production from Energy Market Program: 80 (based on average price of Bitcoin in August of $22,366)
- Self-Mined Bitcoin produced: 90
- Self-Mining Installed Capacity: 1.7 Exahash
- Year to date mined Bitcoin: 1129
- Energy Market Program revenue: approximately $1.8m
- Hosting Co-location installed capacity: 2.0 Exahash
- Hosting Co-location megawatts online as at end August: approximately 64 megawatts
- Total installed capacity across Bitcoin Self-Mining and Hosting Co-location: 3.7 Exahash
Sale of Georgia assets:
As announced to the market on September 9, 2022, Mawson has signed definitive agreements for the sale of certain assets at its Sandersville, Georgia Bitcoin Mining facility to CleanSpark Inc (NASDAQ:CLSK) for up to $42.5 Million, with the transaction anticipated to close in early October, 2022. As a result of this sale the Company will relocate Bitcoin miners from Georgia to Pennsylvania in the fourth quarter of 2022, enabling Mawson to take advantage of significantly lower energy prices and additional Energy Market Program revenue opportunities. This relocation enables the Company to focus on its largest scale, and highest margin operations, whilst simultaneously reducing overall balance sheet leverage, putting the Company in a strong position to navigate the current environment and the upcoming halving which is anticipated in mid 2024.
Pennsylvania Expansion Update:
In addition to reducing debt, Mawson intends to use part of the proceeds of sale of the Georgia assets to continue the development and expansion of its Pennsylvania Bitcoin Mining facilities. The Company's Pennsylvania facilities have a combined energy capacity of 220 megawatts, which can accommodate approximately 7.3 Exahash of Bitcoin Mining operations.1