New Customer Agreement for Approximately 4 MW or 1,176 miners
With Option for Expansion
Continued Customer Onboarding in Co-Location Business
and Develops Multi-Customer Base for Company's Capabilities
PITTSBURGH, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson" or the "Company"), a digital infrastructure company, is pleased to announce that the Company has signed a new co-location agreement between a wholly-owned subsidiary of Mawson and a wholly-owned subsidiary of Faith Technologies Incorporated (FTI).
The new customer co-location agreement is for Mawson to provide FTI with co-location services for approximately 1,176 miners or approximately 4 MW at Mawson's Midland, Pennsylvania facilities with future potential capacity expansion with Mawson upon mutual agreement.
The FTI customer co-location agreement is the third co-location customer agreement executed by Mawson since the start of Q4, 2023, which develops a multi-customer base for Mawson's co-location business and also provides for additional growth opportunities for Mawson capabilities and business.
Rahul Mewawalla, Mawson's CEO and President, commented, "We are delighted to sign and are excited to welcome our third co-location customer since as recently as the start of Q4, 2023, which continues our successful build of a growing multi-customer base for Mawson's co-location business. We have been pleased with our recent operational and technological enhancements across our self-mining and co-location businesses, and our increased overall platform capabilities as we look to 2024 ahead."
Pat McGettigan, Executive Vice President of FTI, stated, "We are pleased to deepen our partnership with Mawson by becoming a customer of Mawson's co-location business and their platform capabilities. We also appreciate the opportunity to continue to supply our modular data centers and demonstrate their capabilities and application in the renewable energy space."
Mawson anticipates its Midland facilities operating at a total capacity of 100 MW with the combined potential for self-mining and co-location fleets at its Midland facilities comprising approximately 32,930 miners and 3.8 EH/s. In addition to its facilities at Midland, Mawson has another site located in Bellefonte, Pennsylvania, which is used entirely for self-mining purposes. As of the end of 2023, the Bellefonte facility was operating at approximately 8.8 MW of capacity. With self-mining and the total co-location platforms combined, Mawson's facilities are expected to have a capacity of about 109 MW and about 35,650 miners along with a total hashing capacity of approximately 4.0 EH/s.