Bitcoin miner Mawson is waiting for the crypto market to normalize
On Tuesday , Bitcoin ( BTC ) mining company Mawson Infrastructure Group said it would wait until market conditions normalize before making any major investments. Also, given the market sell-off and high electricity prices due to inflation, the company is voluntarily reducing its energy consumption.
Mawson received his last shipment of Canann A1246 ASIC bitcoin miners in June and has no further outstanding payments for bitcoin mining rigs. James Manning, CEO and founder of the company, commented:
"Despite the volatile market, Mawson will continue to self-mine at this time and will voluntarily reduce its power consumption where appropriate. Also, fortunately, we have no further payments to make to ASIC Bitcoin Miners, which allows us to focus on developing co-housing as an alternative source of income for as long as the bitcoin price is so low."
In its latest monthly update , Mawson reported that the company owns over 40,000 ASIC bitcoin mining devices. Together, the devices have an estimated hash rate of 3.35 exhaust per second. That accounts for about 1.675 percent of the total hash rate of the Bitcoin network. Last year , the company had total revenues of $19.4 million and spent $6.03 million on capital expenditures, such as acquiring land and equipment.
The current crypto bear market has hit bitcoin miners hard. Miners reported that they had to sell all of their inventory that they mined in May . Mining revenue has since fallen to a low not seen since May 2021. Meanwhile, energy costs have soared, in part due to the aftermath of the Russian invasion of Ukraine. Because of this mix of risk factors, the overall hashrate of the Bitcoin network has dropped nearly 25 percent in just the past two weeks.