Crypto mining firm Mawson Infrastructure Group has sold its Texas subsidiary, Luna Squares Texas, along with lease agreements and contracts related to its operations in the state, to Singapore-based fund manager M Turing VCC Oracle Phase 1 Fund for $8.5 million in cash and stablecoins. The sale was part of Mawson’s strategy to focus its operations in Pennsylvania and reduce existing debt. Mawson had previously sold its Georgia Bitcoin mining facility to CleanSpark for $33 million. The sale of Luna Squares Texas came amid Texas’ consideration of a bill that would largely remove incentives for crypto mining firms operating in the state.
The bill will likely be put to a vote in the state’s House of Representatives in the coming weeks. M Turing VCC Oracle Phase 1 Fund said it will participate in the state energy grid’s load response program, as Texas has a “supportive regulatory environment.”
