New Site is 8 MW expandable by 16 MW to a total of 24 MW, in the competitively priced PJM Market
Bellefonte, PA, site was rapidly deployed and is online with ~2,600 Miners Hashing
SHARON, Pa.--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson’’ or the “Company”), a digital infrastructure provider, today announced that it has signed a new long-term lease agreement and operationalized a new facility in Bellefonte, Pennsylvania.
The new Bellefonte facility has 8 MW of immediately available power, where Mawson has already deployed approximately 2600 miners that are online and hashing. The Bellefonte site will be a 100% self-mining facility. The site is capable of being expanded by an additional 16 MW, resulting in a total site capacity once fully deployed of 24 MW. Once the expansion is completed, the site will be capable of holding approximately 7,200 miners.
The Bellefonte site is another strategic addition for Mawson in the PJM market, as it continues to look for optimal opportunities to continue to drive growth.
Rahul Mewawalla, CEO and President, commented, “Securing and operationalizing our Bellefonte site further demonstrates Mawson’s capabilities to strategically identify expansion opportunities and our rapid deployment and activation expertise. This facility is an ideal opportunity for Mawson to continue to efficiently ramp our self-mining operations to increase Bitcoin production. This new site furthers Mawson’s focus on growth in markets where the energy mix, secure grid, favorable climate, robust communities, and local talent continue to be key drivers of our continued expansion.”
Craig Hibbard, Chief Development Officer, added, “Our team has worked incredibly hard to activate and rapidly operationalize this new site along with deploying approximately 2,600 of our miners. We also expect to utilize this site as a next-generation testing facility for the latest generation ASIC designs and hardware.”
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider with multiple operations throughout the USA. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches digital infrastructure, sustainable energy, and next-generation Mobile Data Center (MDC) solutions, enabling efficient Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and strategic growth, Mawson Infrastructure Group is emerging as a global leader in ESG focused digital infrastructure and Bitcoin mining.
For more information, visit: www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 23, 2023, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2023 and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
VP of Investor Relations and Capital Markets