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Texas’ new Bitcoin mining facility is expected to be fully operational in the fourth quarter of 2022
SYDNEY AND NEW YORK, May 16, 2022–(BUSINESS WIRE)–Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”), a virtual infrastructure provider, will announce that it will expand a new 120 megawatt (MW) Bitcoin mining facility in Texas, USA. USA
Mawson, through its wholly-owned subsidiary Luna Squares Texas LLC, has signed 5-year leases, adding 2 more 5-year extension options, for a total of 15 years. The combined facility consists of four individual sites very close to each other.
On-site progression is expected to begin in the current quarter of 2022, with the facility fully operational in the fourth quarter of 2022. Based on the use of existing generation Bitcoin mining ASIC hardware, this new facility can potentially accommodate up to 4. 0 Exahash (e. g. ) of Bitcoin mining operational capacity.
Mawson intends to use carbon credits and renewable force credits (RECs) for this facility, as well as participate in relief systems to ensure our 0 carbon and ESG purpose is maintained. The sites were decided because of the extensive local infrastructure that already exists. Mawson is running lately in concluding the mandatory takeover agreements (PPAs) for the commissioning of the facility and will inform shareholders about this in due course.
Mawson collaborated with JAI Energy and Texas Pacific Land Corporation (NYSE:TPL) on the project, either of which will represent a percentage of the profit streams generated through the project, as an option to obtain a stake in Luna Squares Texas LLC.
Texas Pacific Land Corporation, one of the largest landowners in the state of Texas, owns two of the sites. The other two sites are located on land in the personal circle of relatives.
James Manning, CEO and founder of Mawson, said, “Texas is adapting to an exciting new Bitcoin mining province in the United States, so we are thrilled to have established an initial foothold in the state. In an environment where power and power are in high demand, we look to the future to begin civil engineering work on the floor in the short term. Community engagement is a vital priority for Mawson, and we look to the future to work heavily with local counties and continue to be a great corporate citizen in the communities. in which we operate. ” We are thrilled to have collaborated with JAI Energy and Texas Pacific Land Corporation, one of the largest landowners in the state of Texas with approximately 880,000 acres of land. We looked toward the beginning of civil engineering paintings at our first site in Texas and explored the truly broad opportunities those new relationships bring to Mawson Infrastructure Group. “
Justin Ballard, CEO and co-founder of JAI Energy, said, “Mawson is one of the leading operators in the Bitcoin mining industry and we are excited to expand JAI Energy’s presence in Texas with them. We knew Mawson from the beginning as an ideal partner due to its reputation, operational excellence and culture. We know that the West Texas network will house Mawson and we are proud to have played a role in bringing them to the wonderful state of Texas and building Texas as the Mining Capital of Bitcoin. In addition, it is incredibly valuable for the entire Bitcoin mining area to see an organization like TPL get involved in the industry. JAI Energy has frequently strived to teach electric corporations and landowners about the benefits that Bitcoin mining can bring and we congratulate TPL for being a leader. and seizing the opportunity to participate in this emerging industry. “
Tyler Glover, CEO of Texas Pacific Land Corporation, said, “This assignment marks the beginning of TPL’s adventure towards bitcoin, and we are fortunate to collaborate with Mawson and JAI as two highly valued corporations in the bitcoin mining industry. We, that TPL’s vast domain in West Texas can serve as a selection destination for the bitcoin mining industry, providing sites close to existing grid infrastructure and fair sun and wind resources for long-term renewable energy supply. abundance of energy from the region. For TPL, our shareholders will gain advantages from a single royalty flow while retaining the opportunity to participate as a financial partner. “
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a virtual infrastructure provider, with operations in the United States and Australia. Mawson’s vertical integration style is based on a long-term strategy to herald the global transition to the new virtual economy. Mawson combines sustainable energy infrastructure with state-of-the-art cellular knowledge center (MDC) solutions, enabling low-cost bitcoin production and on-demand deployment of infrastructure assets. in virtual infrastructure and Bitcoin mining focused on ESG.
For more information, visit: www. mawsoninc. com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements contained in this press release that are not a description of past facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be made known by the use of words that refer to occasions or long-term cases such as “expect”, “pretend”, “plan”, “anticipate”, “believe” and “will”, among others. Because those statements are subject to risks and uncertainties, the actual effects could differ materially from those expressed or implied by those forward-looking statements. These forward-looking statements are based on Mawson’s existing expectations and involve assumptions that may never materialize or may prove to be incorrect. The actual effects and timing of events may also differ materially from those expected in those forward-looking statements due to risks and uncertainties, including, but not limited to, the option Mawson desires and his ability to raise further capital. and acceptance of virtual asset networks and virtual assets and their protocols and software, alleviation of incentives to mine virtual assets over time, costs related to mining virtual assets, volatility in price and costs of cryptocurrencies and additional or new regulation of virtual assets. More detailed data on the dangers and uncertainties affecting Mawson can be discovered under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 1, 2021 and the Quarterly Report Mawson on Form 10-Q filed with the SEC on May 16, 2022, and in other documents that Mawson has filed and may potentially file with the SEC in the long term. Such forward-looking statements, which speak only as of the date they are made, should not be unduly relied upon. Because those statements are subject to risks and uncertainties, the actual effects could differ materially from those expressed or implied by those forward-looking statements. Mawson assumes no legal responsibility to update such statements to reflect occurrences or occurrences after the date they are made, except as required by law.
See the businesswire. com edition: https://www. businesswire. com/news/home/20220516005603/en/
Contacts
Investor Contact: Brett Maas646-536-7331brett@haydenir. com www. haydenir. com