An Australian Bitcoin infrastructure and management provider, Mawson Infrastructure Group, has purchased 17,352 ASIC Bitcoin miners from rig maker Canaan. When all the machines are deployed successfully, Mawson’s current hashrate capacity would increase by 1,500 petahashes (PH).
James Manning, founder and CEO of Mawson confirmed they are expecting to have the units online in late 2021 and early 2022. These will then work together with the existing infrastructure across the US and Australia. This move is in line with the company’s goal of hitting 2000PH by the end of the CY21 and 5000PH by the end of CY22.
The company ordered the latest generation of the A1246 and A1166 miners, with the first batch being installed at the facility’s flagship site in Georgia before the end of Q4 2021. All machines should be fully operational by 2022.
Mawson is assured of these timelines given the expertise of Canaan. Canaan is one of the world’s leading crypto mining rig makers, having produced the first BTC miner in 2013. However, the company has been facing various challenges in recent times following the Chinese crypto crackdown. With the Chinese government banning all crypto mining activities in the country, the company has lost a massive market base hence being forced to remodel its business operations.
After trying to petition against the China crypto ban unsuccessfully, the company was forced to start looking for overseas-based operations. It launched an after-sales centre in Kazakhstan for the local customers seeking maintenance and testing services. Afterwards, it has since been also actively mining Bitcoin.
By purchasing their miners from Canaan, Mawson is working with a reliable manufacturer with experience and expertise. The ease at which it diversified its operations also means it can supply the various crypto mining locations Mawson operates.
What does Mawson buying the miners mean for the crypto mining landscape?
While Mawson buying the BTC miners could be any other business expansion plan, it goes deeper for the crypto industry. It is an indication of the shifting crypto mining landscape. Following the Chinese crypto crackdown, the Bitcoin mining world has had to react.
In the early days, it seemed as if the Bitcoin community was doomed. China counted for more than half of all Bitcoin mining activities and by pulling out, it was more like a catastrophe. However, the crypto industry is almost immune to setbacks. Instead of suffering from the changes, the market is realigning. The crypto mining rig producers are moving to other countries, hence making them more accessible. For example, Canaan setting up an office in Kazakhstan makes more people buy the miners as they know they can always access maintenance services locally.
The other landscape shift is on the rise of various crypto mining locations. Unlike before when China was almost becoming an authority in Bitcoin mining, the prospects are currently widespread all over the world. While Mawson might be Sydney-based, it is looking to set up mining facilities locally and in Georgia.
Therefore, the purchase of the 17,325 BTC miners by a Sydney-based crypto mining company shows a more decentralised crypto mining shift. This is ideal for the future of the crypto industry.
