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Bitcoin miner Mawson increases Q4 revenue 79% from previous quarter

Aoyon Ashraf-Coindesk
2022-03-22 05:05
Australian bitcoin miner Mawson Infrastructure Group (MIGI) reported Q4 revenues increased 79% from the third quarter, and raised its 2023 hashrate guidance by 10%.
  • The miner’s fourth quarter revenue was $19.6 million, up from $10.9 million in the third quarter, according to a statement. Mawson also saw a record year for revenue in 2021, increasing sales by 886% from 2020.
  • Gross profit came in at $16.0 million versus $8.4 million in Q3, while non-GAAP EBITDA was $10.0 million, up from $3.3 million in Q3 2021.
  • The miner now expects hashrate to reach 5.5 exahash per second (EH/s) by early Q1 of 2023. This is 10% higher than the previous target of 5 EH/s, that was forecasted in March.
  • Mawson’s stock was down almost 13% during Monday’s regular trading hours, significantly underperforming its rival mining stocks, but shares were up about 4% in after-hours trading. The price of bitcoin was mostly flat.
  • Wize Pharma acquired digital infrastructure firm Cosmos Capital Limited and changed its name to Mawson Infrastructure Group in March 2021.
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