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Mainnet Capital, a Singapore-based fund manager, has purchased Mawson Infrastructure Group's greenfield sites in Midland, Texas for $8.5 million in cash and stablecoins.
Mawson subsidiary Luna Squares Texas LLC, which held the relevant lease agreements and related contracts, was sold as part of the transaction. Mawson also sold 59 transformers that were earmarked for these Texas sites, according to a statement by the mining company.
The sale allows the NASDAQ-listed Mawson to focus on its current 240 MW of facilities in Pennsylvania, while the proceeds from the sale will be used for debt reduction and funding future expansions across Mawson’s other sites, including the acquisition of additional ASIC miners, the statement said.
Expanding mining industry
"This acquisition highlights our dedication to the rapidly expanding Bitcoin mining industry in the United States and reinforces our commitment to drive value for our investors and stakeholders, as well as contribute to the growth and success of the Midland, Texas community," Mainnet Capital CEO Ray Li said.
Li also emphasized the importance of grid resiliency in Texas and their plan to contribute to its stabilization by participating in state power grid demand response and load resource programs.
The sale was advised by Quarry Advisors, a leading transactional advisory firm in the energy and digital mining industries. The firm's co-founder and partner, Justin Ballard, said that the mining industry continues to grow and evolve, and there is tremendous potential for companies to enter the mining space and generate significant returns.
Read more: Is Crypto Actually Money? Singapore Judge Says No
Mawson Infrastructure Group is a digital infrastructure provider with multiple operations throughout the US and Australia. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets.
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