Mainnet Capital's M Turing VCC Oracle Phase 1 Fund will buy Luna Squares Texas LLC, which owns the contracts and leases for the sites.
Mainnet Capital, a Singapore-based fund manager, has purchased Mawson Infrastructure Group's greenfield sites in Midland, Texas for $8.5 million in cash and stablecoins.
The sale allows the NASDAQ-listed Mawson to focus on its current 240 MW of facilities in Pennsylvania, while the proceeds from the sale will be used for debt reduction and funding future expansions across Mawson’s other sites, including the acquisition of additional ASIC miners, the statement said.
Expanding mining industry
Li also emphasized the importance of grid resiliency in Texas and their plan to contribute to its stabilization by participating in state power grid demand response and load resource programs.
The sale was advised by Quarry Advisors, a leading transactional advisory firm in the energy and digital mining industries. The firm's co-founder and partner, Justin Ballard, said that the mining industry continues to grow and evolve, and there is tremendous potential for companies to enter the mining space and generate significant returns.
Read more: Is Crypto Actually Money? Singapore Judge Says No
Mawson Infrastructure Group is a digital infrastructure provider with multiple operations throughout the US and Australia. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets.
The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:
- BlockBeat for a wrap-up of the week’s digital assets news
- Blockhead Brief for weekend happenings as well as what to look forward to in the week ahead
- Business Bulletin for macroeconomic updates and industry developments.
To avoid FOMO and access member-only features, click here to subscribe for FREE.