New Texas Bitcoin mining facility expected to be fully operational in Q4, 2022
SYDNEY & NEW YORK--(BUSINESS WIRE)-- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson"), a digital infrastructure provider, is pleased to announce it will develop a new 120 Megawatt (MW) Bitcoin mining facility in Texas, USA.
Mawson, through its wholly owned subsidiary Luna Squares Texas LLC, has signed leases with 5 year terms, including 2 options to extend by a further 5 years, for a total of 15 years. The combined facility consists of 4 individual sites in close proximity to one another.
On-site development is expected to commence in Q2, 2022, with the facility becoming fully operational in Q4, 2022. Based on utilization of current generation Bitcoin mining ASIC hardware, this new facility could potentially accommodate up to 4.0 Exahash (EH) of Bitcoin mining operational capacity.
Mawson intends to utilize both Carbon Credits and Renewable Energy Credits (RECs) for this facility, as well as to participate in curtailment programs to ensure our Net Zero Carbon and strong ESG focus is maintained. The sites have been selected due to the substantial local infrastructure already available to Mawson. Mawson is now working to secure Power Purchase Agreements (PPA) required to commission the facility and will update stockholders on this front in due course.
Mawson has collaborated with JAI Energy and Texas Pacific Land Corporation (NYSE:TPL) on the project, both of which will share in the revenue streams generated by the project, as well as have an option to acquire an equity interest in Luna Squares Texas LLC.
Texas Pacific Land Corporation, one of the largest landowners in the State of Texas, is the landlord of two of the sites. The other two sites are situated on family-owned private lands.