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Bitcoin Miner Mawson Signs 100MW Hosting and Debt Deal With Celsius Mining
Mawson will also receive a $20 million loan from Celsius in exchange for 3.85 million warrants in Mawson.
Bitcoin miner Mawson Infrastructure (MIGI) has signed a new 100 megawatt (MW) co-location deal with Celsius Mining, a subsidiary of crypto lending firm Celsius Networks, that entails Celsius providing a data center to host mining equipment.
- The first mining hardware under the new deal will be deployed at the end of the first quarter and will bring the hosting co-location agreements with Mawson’s subsidiary, Luna Squares, to about 102MW, according to a statement.
- The deal will make Celsius the “largest co-location customer” for Mawson, said CEO and founder James Manning, adding that the industry is experiencing a shortage of energy and energy infrastructure while demand and inbound inquiry for hosting continues to rise.
- Celsius also loaned $20 million to Luna Squares for the purpose of funding the infrastructure required to meet the obligations of the co-location deal, according to a Securities and Exchange Commission filing.
- Additionally, Mawson issued Celsius 3.85 million warrants, each of which is exercisable for one share of common stock at $6.50.
- Mawson reiterated its guidance for reaching self-mining power of of 3.35 exahash per second (EH/s) by the second quarter of this year, and a target of 5 EH/s online by early Q1 2023
- On Feb. 15, Mawson said it produced 140 bitcoins in January and expects its monthly hashrate to rise 23% to 1.35 EH/s by the end of February.
- Mawson’s shares are down more than 7% while bitcoin (BTC) neared $44,000 and other mining peers are mostly positive on Tuesday.
Read more: Crypto Lender Celsius Network Invests $300M in North American Bitcoin Mining Operations
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Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
