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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.


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; 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 employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

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 to register and buy your pass now.