Mawson Infrastructure Group Inc. (NASDAQ: MIGI) is a digital infrastructure company that operates data centers and digital infrastructure platforms used for Bitcoin mining and colocation of mining equipment. Revenue comes from two primary streams: fee-based digital colocation agreements, where customers pay upfront infrastructure fees, minimum fees, and maintenance fees while retaining all mined Bitcoin, and profit-sharing agreements where mined digital assets are split between Mawson and the customer. The company operates across sites served by the PJM Energy Market, the largest wholesale power market in North America, with approximately 129 megawatts of total current operational capacity as of the 10-K filed March 31, 2026. Mawson competes with MARA Holdings, Core Scientific, Riot Platforms, CleanSpark, and a range of other digital mining and infrastructure operators. The company has a history of incurring losses, carries debt including an outstanding Celsius Promissory Note balance of $10.8 million as of December 31, 2025, and has not paid cash dividends. A GPU pilot program on a decentralized AI network was launched in October 2025.

Revenue model

Fee-based digital colocation services, including upfront infrastructure fees, minimum fees, and maintenance fees paid by customers who retain mined Bitcoin. Profit-sharing agreements where Mawson and the customer split mined digital assets. A GPU pilot program launched October 2025 on a decentralized AI network represents an early-stage additional revenue avenue.

Products and services

Digital colocation services for Bitcoin mining hardware. Two colocation agreement structures: standard fee-based colocation and profit-sharing colocation. Data center operations across PJM Energy Market sites totaling approximately 129 MW of current operational capacity (as of 10-K filed March 31, 2026). GPU pilot program on a decentralized AI network, launched October 2025, targeting AI cloud and infrastructure provision.

Customers and end markets

Bitcoin mining operators who colocate mining hardware at Mawson facilities. The filing identifies loss of a significant digital colocation customer as a key risk, indicating customer concentration. End markets include Bitcoin mining and, at pilot stage, decentralized AI compute.

Value-chain role

Digital infrastructure operator and colocation host sitting between energy markets and Bitcoin mining operators. Mawson provides physical data center capacity, power access via the PJM Energy Market, and facility management rather than operating solely as a miner on its own account.

Geographic exposure

United States, with all current operational sites located in regions served by the PJM Energy Market. Incorporated in Delaware and headquartered in the United States.

Competitors

MARA Holdings, Inc., Core Scientific, Inc., Applied Digital Corporation, Cipher Mining Inc., Hut 8 Mining Corp., CleanSpark, Inc., Riot Platforms, Inc., Bitdeer Technologies Group, BitFuFu, Inc., Bitfarms Ltd., HIVE Digital Technologies Ltd., TeraWulf, Inc., Ionic Digital Inc.

Source: SEC 10-K, filed 2026-03-31

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