Bitcoin Miner Mawson Signs 100MW Hosting and Debt Deal With Celsius Mining

Mawson will also receive a $20 million loan from Celsius in exchange for 3.85 million warrants in Mawson.

Mar 1, 2022 at 4:37 p.m. UTC
Updated Mar 1, 2022 at 4:45 p.m. UTC

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Bitcoin miner Mawson Infrastructure (MIGI) has signed a new 100 megawatt (MW) co-location deal with Celsius Mining, a subsidiary of crypto lending firm Celsius Networks, that entails Celsius providing a data center to host mining equipment.

  • The first mining hardware under the new deal will be deployed at the end of the first quarter and will bring the hosting co-location agreements with Mawson’s subsidiary, Luna Squares, to about 102MW, according to a statement.
  • The deal will make Celsius the “largest co-location customer” for Mawson, said CEO and founder James Manning, adding that the industry is experiencing a shortage of energy and energy infrastructure while demand and inbound inquiry for hosting continues to rise.
  • Celsius also loaned $20 million to Luna Squares for the purpose of funding the infrastructure required to meet the obligations of the co-location deal, according to a Securities and Exchange Commission filing.
  • Additionally, Mawson issued Celsius 3.85 million warrants, each of which is exercisable for one share of common stock at $6.50.
  • Mawson reiterated its guidance for reaching self-mining power of of 3.35 exahash per second (EH/s) by the second quarter of this year, and a target of 5 EH/s online by early Q1 2023
  • On Feb. 15, Mawson said it produced 140 bitcoins in January and expects its monthly hashrate to rise 23% to 1.35 EH/s by the end of February.
  • Mawson’s shares are down more than 7% while bitcoin (BTC) neared $44,000 and other mining peers are mostly positive on Tuesday.

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets

Trending

1
CoinDesk - Unknown
DeFi’s PoolTogether Crowdfunds Legal Defense With NFT Collection

The DeFi company is using an NFT collection to crowdfund legal defense against a lawsuit brought by a former Elizabeth Warren staffer.

The DeFi company is using an NFT collection to crowdfund legal defense against a lawsuit brought by a former Elizabeth Warren staffer.

CoinDesk - Unknown
2
CoinDesk - Unknown
Coinbase Has ‘Structural Advantage’ Over Competitors, Cowen Analyst Says

Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.

Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.

CoinDesk - Unknown
3
CoinDesk - Unknown
Tether Enters Latin America With Mexican Peso-Pegged Stablecoin

The country’s multibillion-dollar remittances business and difficulties in transferring money create a “unique opportunity," the company said.

The country’s multibillion-dollar remittances business and difficulties in transferring money create a “unique opportunity," the company said.

CoinDesk - Unknown
4
CoinDesk - Unknown
Fed Vice Chair Lael Brainard Says CBDC Could Coexist With Stablecoins

A well-designed central bank digital currency could complement stablecoins and cash, Brainard will say in front of the House Committee on Financial Services on Thursday.

A well-designed central bank digital currency could complement stablecoins and cash, Brainard will say in front of the House Committee on Financial Services on Thursday.

CoinDesk - Unknown