2023-04-19 09:21:49 ET
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Mawson Infrastructure ( NASDAQ: MIGI ) said Wednesday it has completed the sale of its greenfield sites in Texas for $8.5 million cash and stablecoins.
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Under terms of the deal, Mawson sold its subsidiary Luna Squares Texas, and also 59 transformers which were earmarked for the Texas sites.
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The buyer is a fund managed by Mainnet Capital, a Singapore-based fund manager, called M Turing VCC Oracle Phase 1 Fund, Mawson said
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Mawson said it now expects to put all of its focus on the current 240 MW of facilities in Pennsylvania.
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The sale proceeds will be used to cut debt debt further, for future expansions, and to buy additional ASIC miners.
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Mawson is scheduled to turn on an added 70 MW at its Midland, PA site, and an initial 12 MW at its Sharon, PA site in Q2, 2023.
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The company expects to have 132 MW online during Q2, 2023, representing enough power for up to 38,808 ASIC miners.
For further details see:
Mawson closes sale of TX assets to focus more on PA operations