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Bitcoin digital infrastructure operator expands production plant by 11 acres

Bitcoin prices have dropped from a three-month high of $50,000 on August 22, to $47,800 on August 30.

By João Marques Lima

Founder and Editor, The Tech Capital

3 Mins

August 31, 2021 | 12:00 AM BST

Mawson Infrastructure Group Inc. (OTCQB: MIGI) has expanded its flagship site in Georgia, US, by 11.3 acres pursuant to an amendment to the lease held by its subsidiary Luna Squares LLC.

Headquartered in Sydney, Australia, and operating across the USA and Australia, the bitcoin mining and digital asset management digital infrastructure provider said the additional acreage will be used to expand Mawson’s proprietary bitcoin mining operations, as well as the hosting operations of the company.

The additional land and associated power infrastructure is expected to accommodate the already purchased 3EH of ASIC bitcoin mining hardware and is expected to continue to have an attractive renewable/non-carbon emitting energy mix.

Construction on the phase 2 expansion of the Luna Squares LLC site began in July 2021, is expected to complete in Q4 2021, and has been designed to provide up to 100MW of power capacity for the company at this facility.

The site will then enter the phase 3 expansion which will be rolled out over the following 12 months, and is expected to enable significant additional power capacity for the company’s bitcoin mining and hosting operations.

Mawson increased its ownership in Luna Squares LLC from 50% to 90% in July, with the remaining 10% subject to performance hurdles.

James Manning, CEO and Founder of Mawson, said: “We are delighted to have recently extended our relationship with the City of Sandersville in terms of tenure and scale.

“It has been a pleasure working with the local city administrators, the local community and of course our local workforce. This expansion underpins our targeted growth out to 5EH by early 2023.”

In early August, Mawson announced the purchase an additional 17,352 of Canaan’s (NASDAQ: CAN) ASIC bitcoin miners, adding over 1.5EH to Mawson’s existing operations.

The additional 17,352 Avalon A1166 and A1246 bitcoin miners will be deployed across Mawson’s USA and Australian operations in 2021 and 2022, with miners to be deployed at the company’s first Australian site in Q4 2021, as well as at its flagship facility in Georgia, USA.

Additionally, Mawson also announced earlier this month that it had completed an approximately US$37M private offering of its common stock, which was oversubscribed and supported by new and existing institutions, High Net Worth and Family Office investors.

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João Marques Lima

Founder and Editor, The Tech Capital

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