TechFlow news, Bitcoin mining company Mawson Infrastructure Group released its unaudited third-quarter financial results, reporting 246 BTC produced, a 35% increase quarter-over-quarter; self-mined BTC revenue rose 41% to $6.9 million. For the third quarter of 2023, Mawson reported a net loss of $16.2 million, compared to a net loss of $17.7 million in the second quarter.
As of September 30, Mawson's total revenue reached $11.3 million, up 7% from the previous quarter. Cost of revenue in Q3 declined 58% year-over-year but increased 10% sequentially, rising from $7 million to $7.7 million. Gross profit for the quarter was $3.6 million, up 3% sequentially, driven by operational improvements, lower power costs, and improved Bitcoin market metrics. This compares to a gross profit of $10.1 million in the same period last year, representing a 64% decrease year-over-year.
