Mawson Infrastructure Group designs, builds, and operates digital infrastructure facilities in Pennsylvania, within the PJM Energy Market. Mawson runs these facilities for two core purposes: Bitcoin self-mining and colocation services. In self-mining, Mawson operates its own fleet of ASIC miners to earn Bitcoin block rewards, which it routinely sells for cash. Revenue depends on Bitcoin's price, Mawson's hash rate, and network-wide hash rate. In digital colocation, Mawson rents space, power, and infrastructure to customers running their own Bitcoin mining hardware, under either fixed-fee or profit-sharing arrangements. Mawson also participates in demand response programs through the PJM Energy Market, earning revenue by curtailing its power consumption during peak grid demand — creating a partial hedge when mining margins are thin. An early-stage AI and HPC colocation business, launched via a pilot GPU program in October 2025, aims to host GPUs and other compute hardware for AI customers using Mawson's existing infrastructure. Electricity is the dominant cost driver across all segments, making low-cost, stable power access central to Mawson's economics. Mawson sources power from the PJM market, emphasizing carbon-free sources, particularly nuclear. The company currently operates approximately 129 MW of capacity, with additional capacity under development. Mawson previously operated in Australia but has since exited to focus entirely on the U.S.