JAKARTA - The expansion of Bitcoin mining companies continues to strengthen its position in 2023. One of the leading companies, the Mawson Infrastructure Group, recently announced the acquisition of a new mining site at Bellefonte, Pennsylvania.
Mawson has started operations in Pennsylvania after starting construction at a new location in Sharon in February. The company also announced the signing of a new long-term rental agreement for a venture at Bellefonte.
The new facility at Bellefonte is currently powered by 8 megawatts (MW) of electricity and has been operated by 2,600 miners. However, with the launch of this new location, the mining facility capacity will increase to 24 MW. Mawson plans to accommodate 7,200 Bitcoin mining machines once the expansion is complete.
Rahul Mewawalla, CEO and president of Mawson, stated that this new facility provides an ideal opportunity for companies to increase the efficiency of their mining operations and increase Bitcoin production. Mewawalla also explained that this expansion is part of Mawson's strategy to focus on growth in markets that have diverse energy sources, secure power grids, supporting climates, strong communities, and local talent.
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Although MIGI shares rose 1.96 percent on Thursday, the company has experienced a 20 percent decline over the past month. Stock price data over the past six months showed a decline of more than 7 percent, while in the past year, MIGI's shares experienced a significant decline of 69 percent.
However, by 2023, the Bitcoin mining industry has reached its highest hashrate so far. This was achieved thanks to the introduction of a more efficient mining rig and the launch of the latest generation of miners by various companies.
In addition, the company's expansion into new regions also contributes to increasing Bitcoin hashrate. An example is Mawson's expansion to Corning, Ohio, in May, which adds 1 exahashper second (EH/s) to its mining fleet.
With this development, the Bitcoin mining industry continues to experience growth and innovation. Mining companies continue to take steps to increase mining capacity and take advantage of opportunities in markets that support their expansion. Despite fluctuations in the company's share price, the overall trend of the Bitcoin mining industry continues to show strong growth in 2023, with hashrates reaching the highest level ever recorded.
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