Mawson Infrastructure Group: Breaking down the February 2022 Update

Mawson recently announced that in February of this year they produced 152 Bitcoin, marking a 300% increase from February of 2021. This increase in Bitcoin mined comes from the increased processing power Mawson now has, which currently sits at 1.3 Exahash, a 550% increase from February of last year. Additionally, Mawson expects further improvements to be made, with forecasts of their self-mining operations expected to reach 1.5 Exahash by the end of the month (which will produce 6.8 Bitcoin mined per day).

Breaking down the numbers further. With processing power of 1.5 Exahash, producing 6.8 Bitcoin per day. And with Bitcoin at its current price of approximately $38,000. Would mean annual revenue equalling $94,316,000 (6.8 Bitcoin*365 days a year = 2,482 Bitcoin mined in 2022. 2,482 Bitcoin*$38,000 = $94,316,000). These numbers are also somewhat conservative, considering Bitcoin is currently well off its all-time high and other factors like inflationary pressures, as well as geopolitical risks could mean investors begin to flock towards digital assets.

Hash Rate Growth

Below is a snapshot of the expected growth in hash rate Mawson plans to experience over the course of 2022, which would substantially increase the amount of Bitcoin mined per day. Further reducing the risk of price volatility in Bitcoin and substantially increasing Mawson’s revenue potential.

Source: Company Press Release

New Revenue Stream in Co-location Hosting

Another update from Mawson comes from the operational side of the company. Mawson has begun to use their current infrastructure and Bitcoin mining expertise to help some of the leading players in the industry expand and grow, resulting in a mutually beneficial relationship with Mawson shareholders benefitting from an additional $50 million in revenue.

This additional revenue comes from, Mawson, in early March, signing a 100-megawatt hosting co-location agreement with Celsius Mining LLC, with first deployment expected in late Q1, 2022 at Mawson’s own hosting facilities. As well, Mawson also signed a 12-megawatt hosting co-location agreement with Foundry Digital LLC, with first deployment expected in late Q1 of this year.

The growth from Mawson’s hosting co-location business model is significant, and on March 4th, 2022, James Manning, CEO and Founder of Mawson, spoke about the improving prospects of their hosting business by saying, “In FY2021, we generated (unaudited) $850,000 in revenue from our 2 MW of hosting customers – the agreements we have signed this week take us to 114 MW in our hosting business in total. Our hosting business is expanding rapidly and total contracts signed to date makes us one of the largest Nasdaq listed Bitcoin mining companies.”

Breaking down these numbers further, we again find incredible room for further earnings growth. Mawson, with 114 megawatts would generate $48,450,000 (114MW*$425,000) in additional mining revenue, which is on top of Mawson’s own mining revenue.

Expansion of Current Facilities

Finally, Mawson has given positive updates on the expansion of their American based facilities. The company’s Midland, Pennsylvania facility had their first Modular Data Centres (MDD) and electrical transformers arrive. With the site expected to be online with approximately 16 megawatts of mining hardware by end of March 2022. Their Sandersville, Georgia facility successfully deployed 38 MDD’s, with the site expected to be fully operational (with 80 megawatts online) at the end of this March as well. Further, an additional expansion that would bring the Georgia facility to 230 megawatts (making it capable of accommodating 7.5 Exahash) has entered into the planning phase. And lastly, the Australian facility is expected to become fully operational by June of 2022.

Mawson also continues to see monthly deliveries of ASIC Bitcoin miners, with a new batch of the miners delivered during March. Manning again spoke to the strength of the company’s current operations saying “February was another solid month of operational growth for the group – we produced a record 152 Bitcoin – the highest amount of self-mined Bitcoin in the company’s history. Our Sandersville, Georgia facility continues to grow, with 38 Modular Data Centres now deployed, and with our expansion to 230 megawatts approved this facility is going from strength to strength. In Pennsylvania, the team has worked hard to ensure we deliver on time and on budget, and pleasingly we will have our first Modular Data Centre’s energized at this new facility in late March”.

Key Takeaway

The bottom line is that Mawson Infrastructure group is incredibly undervalued at these levels. The company is currently well off their 52-week high of $17.25 a share, yet their business prospects have never looked brighter. The company has found an extremely efficient and lucrative new revenue stream in hosting and their processing power continues to increase each month. Current estimates show Mawson is on track to reach 5 Exahash by Q1 of 2023, setting them further apart from the competition. Mawson, is quickly becoming one of the most powerful and efficient Bitcoin mining companies in the world.  It’s only a matter of time before the market reflects this.


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