Bitcoin miner Mawson Infrastructure (MIGI) mentioned it plans to develop a brand new 120 megawatt (MW) facility in Texas and expects it to be absolutely operational by the fourth quarter.
Web site improvement is predicted to start out this quarter.
The power might probably accommodate as much as 4 exahash per second (EH/s) of bitcoin (BTC) mining capability, the miner mentioned in a press release.
Mawson is working to safe the facility buy agreements required to start out the ability and can make the most of each carbon credit and renewable vitality credit in addition to take part in curtailment packages to make sure grid load administration.
The miner is working with a bitcoin miner that makes use of wasted pure fuel, JAI Vitality, and one of many largest landowners within the state, Texas Pacific Land (TPL), each of which can share within the income streams. They may even have an choice to accumulate an fairness curiosity in Mawson’s Texas unit, Luna Squares Texas LLC.
The choice to start out a brand new web site comes as Texas requires new giant scale miners to hunt permission earlier than connecting to the grid as a result of the Electrical Reliability Council of Texas (ERCOT) expects a pickup in demand ensuing from extra miners coming into the state.
In reality, Marathon Digital (MARA), one of many largest publicly traded bitcoin miners, mentioned throughout a convention name that it is trying to probably diversify out of Texas, as there is perhaps a time when there’s an excessive amount of load on the grid due to miners flocking into the state.
Mawson additionally reported first quarter earnings on Monday, saying income rose 178% from the 12 months earlier than whereas falling about 1% from the earlier quarter.
The shares of the miner had been down about 4% on Monday. Bitcoin fell 5.3% prior to now 24 hours to $29,000.