On Tuesday, Bitcoin (BTC) mining company Mawson Infrastructure Group stated it had become suspending major capital expenses until market conditions normalize. Additionally, the firm is under your own accord reducing its energy use, also known as demand response, considering the marketplace sell-off and electricity prices because of inflation.
Mawson received its final shipment of Canann A1246 ASIC Bitcoin Miners in June and it has no further outstanding payments due for Bitcoin mining rigs. Concerning the company’s decision, Chief executive officer and founder James Manning stated:
“Despite an unpredictable market, Mawson is presently ongoing to self-mine and it is taking part in energy demand response programs where relevant. Furthermore, we’re fortunate to possess no outstanding contracts to buy ASIC Bitcoin Miners, enabling us to pay attention to developing our co-location business being an alternate revenue stream as the Bitcoin cost is covered up.
In the latest monthly update, Mawson disclosed it owned over 40,000 Application-Specific Integrated Circuit (ASIC) Bitcoin mining machines. Combined, the rigs come with an believed hash rate of three.35 exahash per second, accounting for roughly 1.675% from the Bitcoin network’s total hash rate. This past year, the firm generated $19.4 million as a whole revenue and spent $6.03 million in capital expenses, or purchasing property and equipment.
Related: Compass Mining loses facility after allegedly failing power bill
The continuing cryptocurrency bear market has hit Bitcoin miners hard, with reports that miners offered all of their May harvest. Mining revenues within the sector have since fallen to May 2021 lows. Meanwhile, energy costs have skyrocketed partially because of the fallout of Russia’s invasion of Ukraine. Because of such a combination of risks, the Bitcoin network’s total hash rate has stepped nearly 25% previously two days alone.
