Crypto firm Mawson sells Texas sites for $8.5M ahead of vote on anti-mining bill
Crypto mining firm Mawson Infrastructure Group will be exiting Texas following an $8.5-million sale of its local subsidiary as well as lease agreements and contracts related to operating in the state.
In an April 19 announcement, Mawson said it had arranged the sale of its subsidiary Luna Squares Texas to Singapore-based fund manager M Turing VCC Oracle Phase 1 Fund for $8.5 million in cash and stablecoins. CEO James Manning said the sale was conducted as part of a strategy to focus the company's operations in Pennsylvania and reduce existing debt.
Mawson announced in June 2022 — amid the crypto crash — that it planned to suspend major capital expenditures until market conditions normalized. The firm subsequently sold its Georgia Bitcoin (BTC) mining facility to CleanSpark for $33 million, leaving Texas as one of its last United States-based operations outside of Pennsylvania.
Stage 2 of Mawson's Midland, PA facility is officially online! A huge thank you to our team on the ground, for making this happen. Looking forward to seeing the full 120 MW come online over Q2! $MIGI pic.twitter.com/NEGla77IqJ
The sale announcement came amid the Texas government considering a bill aimed at largely removing incentives for crypto mining firms operating in the state. Senate Bill 1751, which has moved through the Texas Senate Committee on Business and Commerce and a full Senate vote, will likely be put to a vote in the state's House of Representatives in the coming weeks.
Under the current wording of the bill, Texas-based crypto mining firms participating in a program intended to compensate them for load reductions on the state’s power grid would have their incentives capped. In addition, many of the companies operating data centers would
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