Bitcoin (BTC) mining company Mawson has announced its new plans. Mining company Mawson Infrastructure (MIGI) has announced plans to build a new 120 megawatt (MW) facility in Texas.
Mawson To Build A New Bitcoin Mining Facility In Texas
In the statement made by Mawson, it was stated that the development plans for the new facility were made and the facility is planned to be fully operational in the fourth quarter of 2022. While the process of building the facility is expected to begin this month, it was reported in the Mawson Infrastructure statement that the new facility could potentially reach a mining capacity of 4 exahash per second (EH/s) Bitcoin (BTC).
Mawson is working to secure the energy purchase agreements needed for the new Bitcoin mining facility he will set up in Texas. The company also stated that it will use loans for these agreements. The credits to be used will be spent on additional programs to be used to avoid the load problem of the electricity grid.
The Texas Electricity Reliability Council (ERCOT) has decided that large-scale Bitcoin mining facilities in Texas should obtain operating permits before connecting to the grid, as electricity consumption will increase as more Bitcoin mining companies install new facilities in the state. Finally, Mawson announced its first-quarter earnings today and said its revenue increased 178 percent year-over-year, but decreased 1 percent from the previous quarter. Mawson's shares fell by 4 percent in the stock market due to the loss in Bitcoin, while Bitcoin fell by 5.3 percent in the last 24 hours.
Cryptocurrency markets started the week with a decline, but failed to maintain the gains made over the weekend. Total market capitalization rose three days in a row for the first time since April, reaching $1.35 trillion. As sales gained weight during Asian trading hours, the market cap dropped to $1.24 trillion today. The trading volume of 88 billion dollars in the last 24 hours indicates that the markets have calmed down a bit compared to the last week.