BTC mining company, Mawson Infrastructure Group said it was postponing significant capital investments until the market returned to normal.
Mawson Infrastructure Group, a bitcoin (BTC) mining company, announced on Tuesday that it was postponing significant capital investments until the market returned to normal. Additionally, in reaction to the market sell-off and elevated electricity prices brought on by inflation, the company is voluntarily lowering its energy use, a practice known as demand response.
No additional payments for Bitcoin mining rigs are still owed to Canann after Mawson got its final shipment of ASIC Canann A1246 bitcoin miners in June. James Manning, the company’s CEO, and founder commented on the choice:
“Despite a volatile market, Mawson is currently continuing to self-mine and is also participating in energy demand response programs where applicable. Additionally, we are fortunate to have no outstanding contracts to purchase ASIC Bitcoin Miners, enabling us to focus on developing our co-location business as an alternate revenue stream while the Bitcoin price is suppressed.
Mawson revealed that it had over 40,000 Application-Specific Integrated Circuit (ASIC) Bitcoin mining devices in its most recent monthly statement. The total hash rate of the rigs is expected to be 3.35 exahashes per second, or about 1.675 percent of the entire hash rate of the Bitcoin network. The company made $19.4 million in total revenue last year and invested $6.03 million in property and equipment purchases.
Bitcoin miners have been heavily hurt by the current bear market in cryptocurrencies; according to sources, miners sold their entire May crop. Since then, mining revenue has decreased to May 2021 lows. Energy prices have also increased dramatically as a result of the consequences of Russia’s invasion of Ukraine. The entire hash rate of the Bitcoin network has decreased by almost 25% just in the last two weeks as a result of this confluence of risk factors.
