Bitcoin mining company Mawson Infrastructure Group Inc. (Mawson) has announced its acquisition of a new mining site in Corning, Ohio, starting at 24MW initial capacity. This expansion has the potential for an additional 26MW further investment which could increase the total capacity to 50MW.
The site has been signed on a long-term lease and is expected to be online with total initial capacity by Q3 of 2023, providing a potential boost in deployable hashrate of up to 1.0EH. This move will increase Mawson’s full potential capacity to up to 290MW.
Mawson CEO James Manning shared his excitement about the company finally completing the site acquisition, saying it was a great team achievement on their focus in the Pennsylvania/Ohio area.
“This is the first of several smaller sites the Mawson team has been working on, with a focus on deploying low-cost, quick-to-market mining facilities.”
James Manning, Mawson CEO
This marks the first of several smaller sites on which the Mawson team has been working, focused on deploying low-cost, quick-to-market mining facilities.
The company plans to test and research the latest generation of Application-Specific Integrated Circuit (ASIC) hardware for this new site.
Mawson COO Liam Wilson said they are “focused on this region for various reasons and look forward to seeing which ASIC units perform best before ordering in bulk.”
Mawson expects the new site to initially host 12 mobile data center (MDC) units and 7,056 miners. The company plans to have a mixture of self-mining and hosting on-site but will make a further decision on the breakdown closer to energization.
This new site is a welcome addition to the existing 240MW capacity that Mawson already has in operation and is under development in the surrounding area.
Despite the acquisition news, Mawson’s shares (NASDAQ: MIGI) dropped five percent during the last 24 hours after the announcement and showed a 1.97 percent decline over the past month. However, the statistics of the past six months indicate an upward trend in MIGI shares by 11.26 percent, while year-to-date shares have increased more than 107 percent.
In April, Mawson sold its Greenfield-Texas sites for $8.5 million. The company’s revised strategy by focusing on the PA/OH region has led to recent acquisitions, and the company aims to deploy low-cost mining facilities in the region quickly.
The acquisition of this new site in Ohio is part of the company’s ongoing expansion plans. Mawson is actively researching and testing the latest ASIC hardware in preparation for the halving event. The company wanted to ensure it has the most efficient fleet possible while continuing to focus on the shareholders’ return on capital.
Mawson is a digital asset company based in New South Wales that provides digital infrastructure services throughout the USA and Australia.
Founded in 2019 as Cosmos Capital Pty Ltd. (Cosmos), the company started testing its proof-of-concept Modular Data Centre with purpose-built High-Performance Computing in the USA, co-locating adjacent to stranded or under-utilized energy sources.
Upon successful completion, Mawson began to expand its operation rapidly, deploying application-specific integrated circuits across multiple mining sites in the USA.
In the late 2020s, Cosmos underwent a reverse takeover of Wize Pharma and became Mawson Infrastructure Group, Inc (NASDAQ: MIGI).
Mawson’s vertically integrated model allows the company to offer end-to-end solutions, from sustainable energy infrastructure to digital mining services, facilitating the transition into the digital economy.