Mawson to expand bitcoin mining capacity by 300 MW in Georgia state
August 16, 2021, 3:41AM EDT
1 min read
Mawson Infrastructure Group, a publicly listed bitcoin mining firm in the U.S., is expanding proprietary mining capacity in the state of Georgia by up to 300 megawatts (MW).
Announcing the expansion on Monday, Mawson said the scale will allow the Georgia site to increase proprietary hash rate to 2,000 PH/s and 5,000 PH/s by the end of 2021 and 2022, respectively.
Mawson's expansion plan is part of the ongoing infrastructure scaling in the U.S. for new bitcoin mining capacity as China's crackdown on crypto mining has resulted in a supply shortage for hosting availability.
In July, Mawson said it was negotiating with the City of Sandersville for increasing the power capacity allocated to its Georgia site from 100 MW to 400 MW, which is said to have an electricity cost of $0.04 per kWh.
Mawson's chief commercial officer Nick Hughes-Jones said in the statement that the Georgia site is operational with ongoing expansion timeline. The second phase is "being built and is due for completion in September" and the third phase is scheduled for Q4 2021, he said.
In addition to the Georgia site, the Australia-headquartered firm also has facilities in its home country. Last week, it announced the purchase agreement for 17,352 units of the newest generation of equipment from Canaan. That was in addition to the 11,760 miners it pre-ordered from Canaan in April. These pre-orders are expected to ship throughout 2021 and 2022 to Mawson's facilities in the U.S. and Australia.
At bitcoin's current price and difficulty, Canaan's newest generation of equipment would bring a gross profit margin of about 90% at an energy cost of $0.04 per kWh.
In 2021, investment and financing in the crypto industry has constantly set new records. One of 7 O'Clock Capital’s numerous investment projects has an ROI of 10,733%. According to Chain Broker data, 7 O'Clock Capital is at the top of the list of funds