Mawson Infrastructure Group, a publicly-listed bitcoin mining operation, announced on Thursday that it has acquired a new mining site in Bellefonte, Pennsylvania. The company detailed that it has swiftly deployed 2,600 bitcoin miners at the location.
Mawson Secures Pennsylvania Site, Deploys 2,600 Bitcoin Miners for Self-Mining Operations
Bitcoin mining companies are experiencing ongoing expansion in 2023. This week, Mawson Infrastructure Group (NASDAQ: MIGI) disclosed the acquisition of a new mining site in Bellefonte, Pennsylvania. Mawson has already initiated mining operations in Pennsylvania, having announced the commencement of construction at a new site in Sharon in February. On Thursday, Mawson revealed the signing of a new long-term lease agreement for the recent undertaking in Bellefonte.
At present, the Bellefonte facility is powered by 8 megawatts (MW) of electricity, with 2,600 miners already operational. The newly launched location will function as a fully self-mining facility, with a potential capacity of up to 24 MW. Mawson revealed that upon the completion of the expansion, the new data center will be able to accommodate 7,200 bitcoin mining machines.
“This facility is an ideal opportunity for Mawson to continue to efficiently ramp our self-mining operations to increase bitcoin production,” Mawson’s CEO and president Rahul Mewawalla stated on Thursday. “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.”
Shares of MIGI rose 1.96% on Thursday; however, they have declined by 20% over the past month. The six-month price statistics indicate a decrease of more than 7%, while the stock has experienced a significant decline of 69% over the past 12 months. In 2023, Bitcoin’s hashrate reached new heights, thanks to the introduction of more efficient mining rigs, the launch of numerous next-generation miners by various firms, and the expansion of companies into new territories. In May, Mawson announced its expansion to Corning, Ohio, which added an additional 1 exahash per second (EH/s) to its mining fleet.
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