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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) is attempting to push boundaries in its space and says that it is continuing to set the pace in the crypto industry as one of the fastest-growing and most innovative companies in the field. The company is focused on being the industry’s most sustainable industrial-scale Bitcoin Miner.
Mawson’s Mining Infrastructure
Mawson states that it has some of the most advanced crypto mining equipment and facilities in the industry. In August, the company purchased 17,352 latest-generation AvalonMiner 1166 (A1166) and AvalonMiner 1246 (A1246) bitcoin mining machines from leading provider of supercomputing solutions Canaan Inc. (NASDAQ: CAN). When all the rigs are fully deployed in Q22022, they are projected to increase Mawson’s current hashrate capacity by 1.5 Exaahashes (EH). Mawson believes the strategic partnership it has with Canaan will allow its mining facility to scale on-demand as the asset class value could increase.
Just recently, Mawson also announced the purchase of 2,000 latest generation MicroBT M30S and 2,000 Canaan Avalon A1166/1246 Bitcoin miners that it plans to fully install by the end of the year. The equipment is expected to bring the company 3.35 Exahashes (EH) online by mid-2022, and a corporate target of 5 Exahashes (EH) by early 2023, putting Mawson together with leading players in the industry like Marathon Digital Holdings (NASDAQ: MARA) and Riot Blockchain Inc. (NASDAQ: RIOT), which by the same time period should have an operational hashing capacity of 13.3 ExaHash per second (EH/s) and 7.7 EH/s in that order.
Mawson’s Partnership with Green Energy Infrastructure Fund Quinbrook Infrastructure Partners
On the 22nd of October, Mawson signed a strategic partnership with a multi-billion dollar green energy infrastructure fund called Quinbrook Infrastructure Partners. Mawson’s first facility with Quinbrook is slated to be operational in late October 2021 in Australia. Mawson and Quinbrook have identified a pipeline of renewable energy assets across the Quinbrook portfolio in Australia and the US where future sites are expected to be jointly developed in 2022 and beyond.
Hosting Facilities
A competitive advantage that Mawson says it has over other key players in the industry is how it physically sets up and hosts its mining facilities. Mawson uses its low-cost Modular Data Center (MDC) technology when deploying its miners compared to its competitors, who typically deploy inside large buildings. Each MDC has a 2.5 megawatt (MW) capacity and can hold 588 application-specific integrated circuits (ASICs). They are mobile, can be easily moved, and importantly, are built at a very low cost, allowing the company to expand its operations quickly while keeping the costs low.
In order to deliver scalable solutions that can meet current and future growth plans for the company and its customers, Mawson establishes its facilities close to energy sources, including renewable energy sources.
To propel this agenda, it has acquired Luna Squares LLC, which it hopes will help to provide wholesale hosting solutions for medium to large-scale mining operations at sites located throughout the U.S. Luna Squares has grown from 3 MW to more than 12 MW in the 1st half of 2021, and its main facility has the capacity to reach 100 MW by January 2022.
To increase its mining capacity, Mawson recently executed a 15-year lease for use of a site and its associated power infrastructure in Midland, Pennsylvania. The site has a capacity of 50 MW and can support an additional 50 MW, for a total of 100MW, with the opportunity to expand further over time. Mawson plans to deploy its MDC Bitcoin mining solution to the Midland site.
In addition, the company is expanding its facility in Sandersville, Georgia, to have 100 MW of power available by the 4th quarter this year and a target of 250MW in 2023. The facility is planned to host the recently purchased mining rigs, leaving plenty of room for further expansion.
Market capitalization
Mawson had a market cap of $674.831 million on Oct. 21, placing it below MarathonDigital Holdings and RiotBlockchain Inc. which have a market cap of .5 billion and .7 billion dollars respectively. However, Mawson expects the recent $45 million underwritten public offering the company closed and the $37 million private offerings that it completed could be an indicator of investors’ confidence about its future growth.
Mawson’s inclusion in Viridi Fund’s Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSE: RIGZ) is also expected by it to attract investors who value eco-friendly Bitcoin Miners.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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