Ernest Della Agranu, Benzinga
North Sydney, NSW — News Direct — Mawson Infrastructure Group Inc
A recent avalanche of news reports that major cryptocurrency players have filed for bankruptcy could hit an industry already battling price uncertainty. It could be an indication that the company may be weighing heavily.
The sector recently received shocking news story of Bitcoin (CRYPTO: BTC) Miner Core Scientific Inc. (NASDAQ: CORZ) warned it could not pay its debts, and the company’s share price plummeted 76%.
according to Submissions to the Securities and Exchange Commission (SEC)Core Scientific will no longer be able to make payments on its debt due in October and November. The company is exploring alternatives to its capital structure and is working with financial and legal advisers. However, he said he may have to file for bankruptcy.
Compute North Holdings Inc., one of the largest operators of cryptocurrency mining data centers, announced on Sept. filing for bankruptcy And CEO Dave Perrill has resigned.
As if that weren’t enough, Iris Energy Limited (NASDAQ: IREN) – Owner and operator of proprietary institutional-level bitcoin mining data centers – highlight Financing and Bitmain’s prepayment update on November 2nd reported funding issues for several recourse devices.
“Capital financing arrangements for limited resources have been a recent focus for us,” said Daniel Roberts, co-founder and co-CEO of Iris Energy.
“However, we are also keeping a close eye on the current market and these arrangements are intentionally designed to minimize the potential impact on the broader group in a prolonged market downturn. I am aware that it has been configured.”
Core Scientific, Compute North, Riot Blockchain Co., Ltd. (NASDAQ: RIOT) and Clean Spark Co., Ltd. (NASDAQ: CLSK) often takes on debt to stay competitive in businesses with large capital expenditures such as electricity bills, equipment and mining equipment.
Some companies, such as Iris Energy, Compute North, and Core Scientific, have been cash-strapped due to rising electricity prices and plummeting cryptocurrency prices. These bankruptcy stories seem to highlight that there may be an extreme financial and infrastructure shortage in the crypto mining sector.
Are there any bright spots in the cryptomining industry?
As the supply shortage of cryptocurrency mining infrastructure grows, Mawson Infrastructure Group Inc.(NASDAQ: MIGI)’s massive excess infrastructure capacity could give hope to the industry.
Mawson is a digital infrastructure provider with multiple operations in the United States and Australia. The company’s vertically integrated model is based on a long-term strategy to accelerate the global transition to the new digital economy.
Mawson says it will combine a sustainable energy infrastructure with next-generation mobile data center (MDC) solutions to enable low-cost bitcoin production and on-demand deployment of infrastructure assets.
With a strong focus on shareholder returns and aligning its board and management team, Mawson, given its massive capacity slack, is an Environmental, Social and Governance (ESG) investor focused on Bitcoin mining and digital infrastructure. could emerge as a global leader in
Mawson may have recently caught the attention of the industry while others have struggled. announced October 18 Growth and Expansion Strategy.
The company moved its application-specific integrated circuit (ASIC) servers from Georgia to Pennsylvania and continues to expand and develop its Pennsylvania facilities (100 megawatts (MW) in Midland and 120 MW in Sharon). clarified.
Mawson also said it will secure additional large-scale sites for long-term digital infrastructure capacity, explore opportunities to expand its digital mining business, and build strategic partnerships and relationships with customers and communities.
In June, the company became 33% shareholder of Tasmania Data Infrastructure Pty Ltd. (TDI). TDI has developed a large-scale, 100% renewable energy Bitcoin mining facility at the Que River Mine site in Tasmania, Australia, with up to 35 megawatts of energy infrastructure available for Bitcoin mining.
“The Group’s remaining infrastructure portfolio of 350 MW can accommodate up to 12 EH.2s, which will allow Mawson to continue to secure significant expansion capacity for 2023. Our focus on geographically close facilities will continue to ensure maximum operational efficiency going forward, CEO James Manning said in a press release.
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider with multiple operations in the United States and Australia. Mawson’s vertically integrated model is based on a long-term strategy to accelerate the global transition to the new digital economy. Mawson combines sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions to enable low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management team, Mawson Infrastructure Group has emerged as a global leader in Bitcoin mining and digital infrastructure with his ESG focus.
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TraDigital IR- Colette Amont
View source version at newsdirect.com: https://newsdirect.com/news/with-a-growing-short-supply-of-crypto-mining-infrastructure-can-mawsons-large-scale-excess-capacity-provide-hope-for-the-industry- 907715822