Mawson Group made Australia’s first Bitcoin mining operational last year and is taking measures to further scale the business this year.
On Monday, March 21, Mawson Infrastructure Group – the popular Bitcoin mining company from Australia – reported its Q4 earnings for the year ending on December 31, 2021. The revenue for the last quarter stood at $19.6 million, a staggering 79% jump from the previous quarter.
Mawson Group’s Q4 Results
For the entire year, the Mawson Group reported revenue a 10x surge in revenue at $43.9 million. Similarly, the gross profit for Q4 2021 stood at $16.1 million against $8.4 million in Q3 2021, reporting an 89% jump. The company also reported a full-year record gross profit of $34.0 million, compared to $1.3 million in 2020, up 2,526%.
In the last quarter, the Mawson Group made the first Australian Bitcoin mining facility operational while working in partnership with Quinbrook Infrastructure Partners. The company also purchased an additional 4,000 latest generation ASIC Bitcoin miners. Besides, Mawson also became part of the Bitcoin Mining Council led by top industry players like MicroStrategy.
Besides, last year, Mawson Group has also opened a 100 megawatt Bitcoin mining facility in Pennsylvania, USA. Speaking of this development, James Manning, CEO and Founder of Mawson Infrastructure, said:
“FY 2021 was a transformational year for our business. We significantly increased our Bitcoin self-mining operational footprint, producing a record 808 Bitcoin, increased revenue 886% to $43.9 million, increased our gross profit 2526% to $34.0 million, and posted a record $17.9 million of non-GAAP EBITDA. The Mawson team have put in a phenomenal effort these past 12 months and for that I am very grateful. We enter 2022 with a large bitcoin self-mining business, and a large scale hosting co-location business and I’m very excited for what 2022 has in store.”
Mawson Group Plans Ahead for 2022
The Mawson Group continues to plan and expand its Bitcoin mining operations this year. The company is confident that it will attain an online hash rate of 1.5 Exahash by end of March. It plans to scale it further to 4.0 Exahash by Q3, 2022, and 5.5 Exahash by early Q1 2023.
Furthermore, it shall work on refining the Bitcoin mining operations and decreasing overall costs for Bitcoin production. It will also lay strong emphasis on ESG across its businesses. On Monday, March 21, the Mawson Group (NASDAQ: MIGI) stock was trading 12.76% down. However, it is showing a strong 8% surge in the pre-market today.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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