Mawson Infrastructure Group Announces Expansion Plans at Midland, Pennsylvania Facilities
April 30 2024 - 9:15AM
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) ("Mawson"), a
digital infrastructure company, today announced plans for expansion
of the Company's Midland, Pennsylvania digital infrastructure and
bitcoin digital mining facilities to 120 MW and is expected to
increase total miner capacity at that operational site to about
38,810 miners.
The Company is planning to expand its Midland Pennsylvania
facility, which is located near Pittsburgh, given the growth in
demand for its digital infrastructure business services, from both
its existing co-location business services customers and from
potential new enterprise customers. It also will provide Mawson
with additional overall capacity and strategic adaptability across
its 3 primary businesses – self-mining business, co-location
services business and energy management.
Rahul Mewawalla, CEO and President of Mawson,
commented, "This strategic growth initiative is
expected to add momentum to the growth of Mawson’s businesses, and
builds upon the expected increase in demand for our
enterprise-grade digital infrastructure services moving forward. It
also reflects our optimism for our Midland facilities and the
greater Pittsburgh region which has become a growing hub for
technology, artificial intelligence, nuclear engineering, robotics
and digital infrastructure innovation.”
Mawson's Midland operational site currently has about 100 MW of
existing power capacity, capable of supporting 32,930 miners for
self-mining or co-location business services. Subsequent to the
completion of the announced plans related to expansion, this site’s
capacity is expected to increase by 20 MW to a total of 120 MW and
miner capacity at this facility should increase from approximately
32,930 up to about 38,810 miners. The planned expansion at the
Company’s Midland Pennsylvania facility along with the 8.8 MW of
self-mining capacity at the Company’s Bellefonte, Pennsylvania
facility is expected to increase Mawson's total overall combined
capacity across its facilities in Pennsylvania to approximately 129
MW or about 41,530 rack spaces.
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is building the next
generation digital infrastructure platform. Our innovation,
technology, and operational expertise enables us to operate and
optimize digital infrastructure to accelerate the digital economy,
including the growth of the bitcoin network, digital assets and
other high-performance computing solutions using a carbon-free
energy approach. To learn more, visit https://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 April 1, 2024, and Mawson’s Quarterly Report on Form 10-Q filed
with the SEC on May 15, 2023, August 21, 2023, November 13, 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.
For more information, visit: Website:
https://www.mawsoninc.com/Twitter: Mawson (@Mawsoninc) / X
(twitter.com)LinkedIn:
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Pittsburgh PA | Facebook
Investor Contact: Investor Relations
TeamIR@mawsoninc.com
Media Contact:Media Relations
Teammediarelations@mawsoninc.com
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