Mawson Infrastructure Group recently announced its acquisition of a new mining site in Corning, Ohio, with plans to increase the operation’s hashpower by 1 exahash per second (EH/s). The expansion aims to initially offer a starting capacity of 24 MW, with the potential for an additional 26 MW, bringing the site’s total capacity to 50 MW. The move follows Mawson’s withdrawal from Australia and ventures in Pennsylvania.
However, despite the growth, Mawson’s publicly-listed shares (Nasdaq: MIGI) have seen a 5% drop in the last 24 hours and a 1.97% decline over the last month. While the short-term performance appears negative, MIGI shares have grown by 11.26% over the past six months and by more than 107% year-to-date.
The company’s initial plan for the Ohio facility involves housing 12 mobile data center (MDC) units and 7,056 miners, utilizing both hosted and self-hosted machines. This strategy closely follows Mawson’s sale of its Greenfield Texas sites for $8.5 million in April.
While Mawson’s expansion strategy in the PA/OH region shows promise, some skepticism remains regarding its share performance. The short-term decline in MIGI shares may raise concerns for investors, although the overall upward trend in the past six months offers a more positive long-term outlook.
On the other hand, the new Ohio mining site has the potential to increase Mawson’s hashpower significantly, which could result in more substantial gains for the company. The addition of this site to its existing 240 MW capacity in the surrounding area signals an ambitious move by the firm.
In conclusion, the future of Mawson Infrastructure Group’s expansion plans in the PA/OH region is a topic of both promise and skepticism. While the company’s shares have dipped in the short term, the overall trend remains positive. Plus, the acquisition of the new mining site could be a game-changer for the firm’s growth strategy. As more details about the expansion plan unfold, investors and crypto enthusiasts will have a clearer view of the possible implications for Mawson’s share performance and the broader crypto mining industry.
Source: Bitcoin News
