MIDLAND, Pa. - Mawson Infrastructure Group Inc. (NASDAQ:MIGI), a digital infrastructure provider, has released its unaudited business and operational update for February 2024, showcasing significant growth. The company reported a 141% increase in total revenue year-over-year for February, amounting to approximately $5.42 million.
The self-mining segment of Mawson's business experienced a 159% year-over-year revenue increase, reaching about $2.56 million, and a month-over-month rise of 23%. The co-location business, which hosts third-party mining equipment, generated around $2.70 million in revenue. This figure corresponds to roughly 62 megawatts of power capacity and over 19,400 miners.
Mawson's CEO and President, Rahul Mewawalla, expressed satisfaction with the company's performance, attributing the growth to their operational focus and recent deployment of a third co-location services customer. Despite challenges such as increased network difficulty, the company's strategic and technological initiatives continue to progress.
The company's operational footprint includes two Pennsylvania sites in Midland and Bellefonte, with a total power capacity of approximately 109 megawatts, capable of supporting about 35,650 miners for self-mining and co-location services. The Midland facility recently completed the deployment for its third co-location customer, contributing to the total co-location platform capacity.
Mawson Infrastructure Group's business model integrates digital infrastructure, sustainable energy, and advanced data center solutions. The company positions itself as an emerging global leader in environmentally sustainable digital infrastructure and Bitcoin mining.
The press release also highlights Mawson's participation in upcoming conferences and events, including a discussion on the future of AI and the demand for GPU infrastructure, led by Mewawalla.
Investors are advised that hashrate capacity statements often differ from actual or observed hashrate due to various factors, including the efficiency of ASIC miners, deployment levels, and infrastructure limitations. Forward-looking statements contained in the press release are subject to risks and uncertainties, and actual results may vary.
This report is based on a press release statement from Mawson Infrastructure Group Inc.
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