Bitcoin Miner Mawson to Sell Texas Sites for $8.5M to Singapore Fund Manager

The funds will go toward reducing Mawson's debt and fueling growth.

AccessTimeIconApr 19, 2023 at 2:22 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

Bitcoin miner Mawson Infrastructure (MIGI) said it agreed to sell its sites in Texas to a Singapore fund for $8.5 million in cash and stablecoins.

Mainnet Capital's M Turing VCC Oracle Phase 1 Fund will buy Luna Squares Texas LLC, which owns the contracts and leases for the sites in Midland, Texas, Mawson said in a Wednesday press release.

Mawson is shedding weight from its operations to focus in Pennsylvania. In September, it sold its facility in Georgia to CleanSpark (CLSK), another bitcoin miner.

"The proceeds of the sale will be used for further debt reduction, as well as funding future expansions across Mawson’s other sites," including acquiring more mining rigs, the company said.

Mawson expects to have sufficient infrastructure to support 4.2 exahash/second (EH/s) of mining computing power by the end of the second quarter.

Luna Squares LLC, a separate subsidiary, hosted about 10,000 machines for bankrupt crypto lender Celsius Network as of the end of December, according to court filings. Celsius loaned $20 million to Mawson in February 2022, and the two firms discussed another $20 million loan last June.

Luna Squares didn't plan to add more Celsius machines as specified in their contract until the loan went through, the filings said. Luna Squares holds $15.3 million in Celsius deposits, according to the bankruptcy filings.

Mawson's shares were recently down 2.5%.

Edited by Sheldon Reback.


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Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

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