Bitcoin Miner Mawson Exchanges Mining Rigs for Stake in Tasmanian Data Center

Bitcoin Miner Mawson Exchanges Mining Rigs for Stake in Tasmanian Data Center

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 creating a knowledge heart in Tasmania, Australia, to mine bitcoin (BTC) with 100% renewable power and can have as much as 35 megawatts (MW) of power infrastructure out there within the third quarter, with growth capability in extra of 100MW, in line with an announcement.

“By exchanging a portion of our ASIC Bitcoin Mining fleet for an fairness place in TDI, we’ve continued to exhibit our capital self-discipline while acquiring a significant fairness place in one in every of Australia’s largest rising, 100% renewable power 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 various 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 precise to host as much as 10MW of its personal bitcoin mining infrastructure on the website and supply TDI a license to make the most of Mawson’s Modular Knowledge Heart (MDC) and related expertise.

The shares of Mawson outperformed mining friends right now, rising greater than 7%. Nonetheless, the inventory has fallen about 67% this yr, consistent with the efficiency of different public mining firms.

Learn extra: Bear Market Might See Some Crypto Miners Turning to M&A for Survival

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