Bitcoin mining company Mawson Infrastructure (MIGI) plans to develop a new 120-megawatt facility in Texas and expects it to be fully operational in the fourth quarter.
- Development of the site is expected to begin this quarter.
- The facility could potentially provide bitcoin mining capacity of up to 4 exahash per second (EH/s), the miner said in a statement.
- Mawson is working to finalize the power purchase agreements needed to bring the facility online and will use both carbon credits and renewable energy credits, as well as participate in curtailment programs to manage grid load.
- The miner is partnering with JAI Energy, a bitcoin miner that uses wasted natural gas, and Texas Pacific Land (TPL), one of the state's largest landowners, both of which will share in the revenue. They also have the option of acquiring an interest in Mawson's Texas unit, Luna Squares Texas LLC.
- The decision to establish a new site comes at a time when Texas is requiring new large-scale prospectors to obtain a permit before connecting to the grid, as the Electric Reliability Council of Texas (ERCOT) anticipates an increase in demand resulting from more prospectors moving into the state.
- In fact, Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, said during a conference call that it may look to diversify out of Texas, as there may be a time when the grid becomes too stressed due to miners pouring into the state.
- Mawson also reported first-quarter results Monday, stating that revenue was up 178% from a year ago, while down about 1% from the previous quarter.
- Shares of the mining company fell about 4% on Monday. Bitcoin fell 5.3% in the last 24 hours to $29,000.