Mawson Infrastructure Group, Inc. (NASDAQ:MIGI) Q1 2022 Earnings Conference Call May 16, 2022 10:00 AM ET
Company Participants
Nick Hughes-Jones - Chief Commercial Officer
James Manning - Founder and CEO
Hetal Majithia - CFO
Conference Call Participants
Kevin Dede - H.C. Wainwright
Operator
Greetings and welcome to Mawson Infrastructure Group, Inc. First Quarter 2022 Earnings Results Conference Call.
At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions]. As a reminder, this conference is being recorded.
I'd now like to turn the conference over to your host Nick Hughes-Jones, Chief Commercial Officer. Please go ahead sir.
Nick Hughes-Jones
Hello everybody and thank you for taking the time to hear about Mawson Infrastructure Group. My name is Nick Hughes-Jones, Chief Commercial Officer of Mawson. Joining me today is James Manning, our Chief Executive Officer and Founder and Hetal Majithia, our Chief Financial Officer.
We look forward to taking you through the investor presentation today, but first, I need to read you a short disclaimer around forward-looking statements. Please be aware today, we will be making forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks that could cause actual results to differ materially from those expected. Please be sure to refer to the cautionary text regarding forward-looking statements contained in this presentation on Slide 2.
Okay, Mawson at a glance. As of last Friday night's close, Mawson has a market cap of approximately $180 million, is listed on the NASDAQ under the code MIGI, M-I-G-I and has five Bitcoin mining sites across the USA and Australia. Now for those of you that aren’t aware of what an exahash is, abbreviated as EH in these slides, crudely speaking, an exahash is a measure of computing power. The more exahash you have online, the more Bitcoins you produce on a daily basis.
As at the end of May 2022, we expect to have Bitcoins sales money to be operating at approximately 1.8 exahash producing approximately 8 Bitcoin per day. Based on current network difficulty and a Bitcoin price of $30,000. This equates to around $88 million in annualized revenue.
Today, we are pleased to announce a new 120 megawatt Bitcoin mining facility in Texas in collaboration with JAI Energy and Texas Pacific Land Corporation, one of the largest landowners in Texas with over 880,000 acres in their land portfolio and listed on the New York stock exchange under the ticker TPL.