A publicly traded bitcoin mining company named Mawson Infrastructure Group revealed on Thursday that it had bought a new mining location in Bellefonte, Pennsylvania. The business explained that it quickly set up 2,600 Bitcoin miners at the site.
In 2023, bitcoin mining firms will continue to grow. This past week, Bellefonte, Pennsylvania-based Mawson Infrastructure Group (NASDAQ: MIGI) announced the purchase of a new mining site. Mawson announced the start of construction at a new site near Sharon in February and has already started mining operations there. Mawson disclosed the signing of a new long-term leasing deal for the recent project in Bellefonte on Thursday.
With 2,600 miners now in operation, the Bellefonte complex is currently fueled by 8 megawatts (MW) of energy. The newly announced location will operate as a completely autonomous mining plant, with a maximum 24 MW capacity. Mawson disclosed that the new data center will be able to house 7,200 Bitcoin mining devices after the expansion is complete.
Rahul Mewawalla, the CEO and president of Mawson, said on Thursday that “this facility is an ideal opportunity for Mawson to continue to ramp our self-mining operations to increase bitcoin production efficiently.” “This new site strengthens Mawson’s commitment to growth in markets where the energy mix, secure grid, favorable climate, vibrant communities, and local talent continue to be key drivers of our continued expansion,” says the company.
Although MIGI stock increased 1.96% on Thursday, it dropped 20% during the previous month. While the stock has undergone a huge fall of 69% over the past 12 months, the six-month price figures show a decrease of more than 7%. The launch of multiple next-generation miners by various companies, the introduction of more effective mining rigs, and the expansion of businesses into new regions all contributed to Bitcoin’s hashrate reaching new heights in 2023. Mawson announced its expansion to Corning, Ohio, in May, increasing its mining fleet’s exahash rate (EH/s) by one.
