MIGI - Mawson Infrastructure Group Inc. Announces Monthly Operational Update for June 2024 | Benzinga
Digital Colocation Business Revenue up 56% Y/Y from June last year
Energy Management Revenue up 262% Y/Y from June last year
Completed 20 MW Facility Expansion Increasing Total Capacity to 129 MW and 41,530 miners
Expands Digital Colocation Business and Digital Computation Expertise with Enterprise Customer for about 5,880 IceRiver KAS KS3M Miners to mine Kaspa (KAS)
MIDLAND, Pa., July 18, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson" or "the Company"), a publicly traded digital infrastructure company, announced today its unaudited business and operational update for June 2024.
Rahul Mewawalla, CEO and President, commented, "We are delighted to provide updates on a number of fronts – we are pleased with the growth of our digital platforms with 56% year-over-year revenue growth of our digital colocation business and 262% year-over-year revenue growth of our energy management business, compared to June of last year. We are also excited to announce the expansion of our digital assets and computation expertise and strategic competencies through the execution of a digital colocation agreement to mine Kaspa. We are thrilled to accelerate innovation across the broader ecosystem, including proof-of-work ecosystems as we build upon our position as a next-generation digital infrastructure company and help enable the advancement and growth of next-gen compute resources."
Unaudited June Monthly Operating Results Summary
- Digital Colocation Monthly Business Revenue increased 56% Y/Y to $2.48 million.
- Energy Management Monthly Business Revenue increased 262% Y/Y to $0.74 million.
- Self-Mining Monthly Business Revenue of $0.59 million and Overall Monthly Revenue of about $3.81 million and the equivalent of about 58 BTC1.
- Completed expansion of the Midland Pennsylvania facility, strategically located near Pittsburgh, increasing the Company's capacity at that facility by 20 MW and to approximately a total of 129 MW and about 41,530 miners across all facilities.
- Executed new colocation services agreement for about 5,880 IceRiver KAS KS3M to mine Kaspa (KAS). Kaspa (KAS) is a proof-of-work (PoW) digital asset and currently is the fifth largest proof-of-work digital asset by market capitalization. The circulating supply of Kaspa is approximately 24.2 billion KAS with a current block reward of 98.00 KAS, and the terminal supply is capped at 28.7 billion KAS.
- Similar to Bitcoin, Kaspa is an open-source, decentralized, and fully scalable Layer-1 protocol that uses proof-of-work as its consensus mechanism. However, different from Bitcoin's blockchain, which is linear and processes one block every ten minutes, Kaspa utilizes a BlockDAG (Directed Acyclic Graph) that enables multiple blocks to be produced simultaneously. The Kaspa network currently processes one ...