Mawson Adds Critical Piece in its Quest for a 5,000 PH Capacity

Photo by Jürg Kradolfer on Unsplash

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

With China’s recent crackdown on Bitcoin mining, a gold rush is currently underway in North America. Bitcoin mining is big business, and success in the arena relies on a company’s ability to secure power infrastructure.

Land with access to cheap power is increasingly hard to come by, with Bitcoin miners like Marathon Digital Holdings Inc. MARA and Riot Blockchain Inc. RIOT competing for suitable land. And it’s not just Bitcoin miners either. Tech giants like Apple Inc. AAPL and Facebook Inc. FB have massive server farms to build with similar needs.

Amid this scramble for land, Mawson Infrastructure Group MIGI has made a key play. The company secured a new, 6-acre facility with an immediately available 50 megawatt (MW) capacity. And the site already has the power infrastructure built to accommodate an additional 50 MW in early 2022, with the capacity to expand the site further over time.

A key aspect of the site is its proximity to extremely cheap and abundant electricity, keeping Mawsons electricity mix mostly renewable/non-carbon emitting. This is in keeping with Mawson’s commitment to sustainability and sets it apart from many of its competitors, who source power indiscriminately in respect to sustainability.

This additional 100 MWs will allow Mawson to accelerate its plans toward a 5,000 peta hash (PH) mining capacity in early 2023, putting it in a league with the likes of Marathon and Riot in raw computing power. Once this target is reached, the company will mine 31 Bitcoins per day based on the current market and network conditions.

Mawson will begin development of the site this month. The company will deploy its Modular Data Centers (MDCs), making the process fast and efficient. These MDCs will house thousands of additional application-specific integrated services (ASICs), which are specialized machines purpose-built to mine Bitcoin. Each machine, purchased from ASIC manufacturer Canaan Inc. CAN, is about 1,000 times as powerful as the graphics processing unit (GPU) in an average computer. Mawson plans on having the facility fully operational by the end of the year or early 2022.

"We are very happy to have secured another large site in a market environment where large-scale power infrastructure is becoming scarce,” Mawson CEO James Manning said of the acquisition. “This opportunity brings a substantial, already-installed power infrastructure, reducing our cost per megawatt and maximizing our speed to deploy. This site, combined with our flagship Georgia site, underpins our target of securing 5,000 PH by early 2023."

With the addition of the new facility, Mawson has its sights set on becoming a global leader in Bitcoin mining. Its focus on securing access to cheap, reliable energy means the company is poised to do just that. And with its commitment to sustainability and good corporate citizenship, Mawson will help set the tone for the rest of the industry. 

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.