Bitcoin Miner Mawson Infrastructure Produced 185 Bitcoin In Record-Breaking May
The bitcoin mining company increased its ASIC fleet by 4,000 machines, driving up its hash rate and delivering a record-breaking revenue of $3.8 million.Bitcoin mining company Mawson Infrastructure Group had a record bre...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The bitcoin mining company increased its ASIC fleet by 4,000 machines, driving up its hash rate and delivering a record-breaking revenue of $3.8 million.
- Bitcoin mining company Mawson Infrastructure Group had a record breaking month in May, producing 185 BTC worth about $3.8 million.
- Production levels showed an 8% month-over-month increase with a yearly increase of 362%.
- The company added 4,000 ASIC miners to its fleet and has expansion goals planned into Q1 2023.
Mawson Infrastructure Group Inc., (NASDAQ: MIGI) a bitcoin mining company, has released its unaudited, record-breaking bitcoin production and operations update for the month of May, per a press release.
Specifically, the mining company produced 185 BTC over the course of last month, currently valued at $3.8 million – representing an average of 5.96 BTC mined per day. This production level represents a 362% increase from the same time period of last year, and an 8% month-over-month increase.
Furthermore, Mawson increased its self-mining hashrate to 1.42 exahashes per second (EH/s), representing a 547% increase from a year-over-year perspective and an 11% increase from the previous month. By the end of June, the company estimates to be mining at 1.50 EH/s with an average of 8.50 BTC being produced per day.
“May was another solid month of operational growth, with the Mawson team having now rapidly deployed more than 56 megawatts over the last 3 months,” said James Manning, CEO and Founder of Mawson, per the release. “We have now received our final shipment of ASIC Bitcoin Miners for our Self-Mining business, meaning we have the flexibility to assess the spot market for future orders when appropriate.”
In addition, Mawson’s co-location hosting facility combined with self-mining operations performed at 3.10 EH/s, and is expected to rise to 3.35 EH/s by the end of June. The co-hosting facility is also expected to increase its 56 megawatt (MW) capacity to 60 MW by the end of the month.
Now, the company operates a mining fleet of 40,000 application-specific integrated circuit (ASIC) miners deployed across all of its locations, up from the 36,000 active miners operating in April.
The miner estimates that its self-mining hash rate will reach 4 EH/s by Q3 2022, with a target of 5.50 EH/s by Q1 2023.
Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin MagazineRelated market context
Sazmining Launches the Wild Sats Club, a Loyalty Program That Discounts Mining Management Fees as Customer Hashrate Grows
Bitcoin Magazine Sazmining Launches the Wild Sats Club, a Loyalty Program That Discounts Mining Management Fees as Customer Hashra...
OpenWorld Begins Nasdaq Trading As VerifyMe Deal Creates Public Tokenization Company
TL;DR OpenWorld and VerifyMe have completed their business combination, with the combined company trading on Nasdaq under OPNW fro...
MetaMask Exits Ethereum Validators After Security Incident Hits Staking Infrastructure
Key Takeaways: MetaMask is addressing a security incident to its infrastructure of which it is unaware. According to the company,...
BlackRock’s IBIT buys $195.6 million of Bitcoin in a day, $1.57 billion over the past month
BlackRock's significant Bitcoin acquisitions via IBIT highlight a shift towards institutional investment in regulated crypto produ...
BNY weighs digital asset infrastructure deal with Kraken parent Payward: CoinDesk
A potential BNY-Payward partnership could significantly enhance crypto infrastructure, fostering greater integration with traditio...
Bitcoin ETFs are $5 billion away from a new flow record after a brutal 11-month reset
US spot Bitcoin exchange-traded funds (ETFs) recorded their first daily outflow in more than two weeks, interrupting a recovery th...