Mawson to Develop New Bitcoin Mining Site in Texas

The facility could accommodate up to 4 EH/s of mining power.

AccessTimeIconMay 16, 2022 at 3:26 p.m. UTC
Updated May 11, 2023 at 4:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin miner Mawson Infrastructure (MIGI) said it plans to develop a new 120 megawatt (MW) facility in Texas and expects it to be fully operational by the fourth quarter.

  • Site development is expected to start this quarter.
  • The facility could potentially accommodate up to 4 exahash per second (EH/s) of bitcoin (BTC) mining capacity, the miner said in a statement.
  • Mawson is working to secure the power purchase agreements required to start the facility and will utilize both carbon credits and renewable energy credits as well as participate in curtailment programs to ensure grid load management.
  • The miner is working with a bitcoin miner that uses wasted natural gas, JAI Energy, and one of the largest landowners in the state, Texas Pacific Land (TPL), both of which will share in the revenue streams. They will also have an option to acquire an equity interest in Mawson’s Texas unit, Luna Squares Texas LLC.
  • The decision to start a new site comes as Texas requires new large scale miners to seek permission before connecting to the grid because the Electric Reliability Council of Texas (ERCOT) expects a pickup in demand resulting from more miners coming into the state.
  • In fact, Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, said during a conference call that it's looking to potentially diversify out of Texas, as there might be a time when there is too much load on the grid because of miners flocking into the state.
  • Mawson also reported first quarter earnings on Monday, saying revenue rose 178% from the year before while falling about 1% from the previous quarter.
  • The shares of the miner were down about 4% on Monday. Bitcoin fell 5.3% in the past 24 hours to $29,000.

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about