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.