Mawson's Q4 Revenue Rises 79% From Q3

The bitcoin miner boosts its hashrate estimate for next year by 10%.

AccessTimeIconMar 21, 2022 at 8:43 p.m. UTC
Updated Mar 21, 2022 at 9:19 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Australian bitcoin miner Mawson Infrastructure Group (MIGI) reported that its fourth-quarter revenue increased 79% from the third quarter and raised its 2023 hashrate estimate by 10%.

  • Revenue in the quarter rose to $19.6 million from $10.9 million in the third quarter, according to a statement on Monday. Mawson saw a record year for revenue in 2021, with the figure rising nearly tenfold to $43.9 million from the previous year.
  • Gross profit came in at $16 million, compared with $8.4 million in the third quarter, while non-GAAP Ebtida (earnings before taxes, interest, depreciation and amortization) rose to $10 million in the fourth quarter from $3.3 million in the third quarter.
  • The miner now expects its hashrate to reach 5.5 exahash per second (EH/s) by early next year. That is 10% higher than the previous target of 5 EH/s the company forecasted in March.
  • Mawson’s stock fell almost 13% during Monday’s regular trading hours, significantly underperforming its rival mining stocks, but the shares were up about 4% in after-hours trading. The price of bitcoin was mostly flat.
  • Last March, Wize Pharma acquired digital infrastructure firm Cosmos Capital Ltd. and changed its name to Mawson Infrastructure Group.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Trending

1
CoinDesk - Unknown
How I Made It in Crypto: Life as a Play-to-Earn Guilder

“We turn our scholars into investors,” says Philippines-based Spraky, tournament host for Yield Guild Games.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto News Roundup for June 30, 2022

With bitcoin suffering its worst monthly returns yet, and a more nuanced look at how the SEC views crypto, CoinDesk’s “Markets Daily” is back with the latest news roundup.

CoinDesk - Unknown
3
CoinDesk - Unknown
FBI Adds OneCoin Founder Ruja Ignatova to Its Most Wanted List

Ignatova is accused of defrauding investors out of more than $4 billion via a crypto Ponzi scheme.

CoinDesk - Unknown
4
CoinDesk - Unknown
FTX Passed on Deal to Purchase Celsius Due to Deficient Balance Sheet: Report

Sam Bankman-Fried's crypto exchange also reportedly found Celsius hard to deal with.

CoinDesk - Unknown