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.