- Bitcoin mining company Mawson Infrastructure Group had a record month in May, producing 185 BTC worth about $3.8 million.
- Production levels showed an 8% month-on-month increase with a 362% year-on-year increase.
- The company added 4,000 ASIC miners to its fleet and has planned expansion targets through the first quarter of 2023.
Mawson Infrastructure Group Inc., (NASDAQ: MIGI), a bitcoin mining company, issued its unaudited, record-breaking bitcoin production and operations update for the month of May in a press release.
Notably, the mining company produced 185 BTC over the last month, which is currently valued at $3.8 million — an average of 5.96 BTC mined per day. This level of production represents an increase of 362% over the same period last year and an increase of 8% over the previous month.
Additionally, Mawson boosted its self-mining hashrate to 1.42 exahashes per second (EH/s), up 547% year over year and up 11% month-on-month. The company estimates that 1.50 EH/s will be mined by the end of June, with an average of 8.50 BTC being produced per day.
“May was another solid month of operational growth, with the Mawson team now rapidly deploying in excess of 56 megawatts over the past 3 months,” said James Manning, CEO and founder of Mawson, according to the press release. “We have now received our final shipment of ASIC bitcoin miners for our self-mining business, which means we have the flexibility to review the spot market for future orders when appropriate.”
Additionally, Mawson’s co-location hosting facility combined with self-mining operations performed at 3.10 EH/s and is expected to increase to 3.35 EH/s by the end of June. The co-hosting facility is also expected to increase its capacity from 56 megawatts (MW) to 60 MW by the end of the month.
The company now operates a mining fleet of 40,000 application-specific integrated circuit (ASIC) miners deployed across all of its sites, 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.