Australian bitcoin miner Mawson Infrastructure Group Inc. (MIGI) has taken a 33% stake in Tasmania Knowledge Infrastructure (TDI) in trade for about 1,975 bitcoin mining rigs.
TDI is growing an information heart in Tasmania, Australia, to mine bitcoin (BTC) with 100% renewable vitality and can have as much as 35 megawatts (MW) of vitality infrastructure obtainable within the third quarter, with growth capability in extra of 100MW, in accordance with a press release.
“By exchanging a portion of our ASIC Bitcoin Mining fleet for an fairness place in TDI, we have now continued to reveal our capital self-discipline while acquiring a significant fairness place in one in every of Australia’s largest rising, 100% renewable vitality bitcoin miners,” mentioned Mawson CEO and founder James Manning.
The transfer comes as miners have gotten more and more conservative with their capital spending amid the plunge in cryptocurrency costs. Many have begun tapping different sources of funds to assist their companies develop, together with promoting their mined digital belongings to pay for working bills.
As a part of the deal, Mawson can have the proper to host as much as 10MW of its personal bitcoin mining infrastructure on the web site and supply TDI a license to make the most of Mawson’s Modular Knowledge Middle (MDC) and related expertise.
The shares of Mawson outperformed mining friends at present, rising greater than 7%. Nonetheless, the inventory has fallen about 67% this yr, consistent with the efficiency of different public mining corporations.
Learn extra: Bear Market May See Some Crypto Miners Turning to M&A for Survival
