Texas Pacific Land Corporation, Mawson Infrastructure Group Inc., and JAI Energy Announce New Bitcoin Mining Venture in West Texas
DALLAS & HOUSTON--(BUSINESS WIRE)-- Texas Pacific Land Corporation (NYSE: TPL) (“TPL”), Mawson Infrastructure Group Inc. (NYSE: MIGI) (“Mawson”), and JAI Energy (“JAI”) have entered into a strategic alliance to develop up to 60 megawatts of bitcoin mining on TPL’s surface in West Texas.
Based on utilization of current generation Bitcoin mining hardware, these new facilities – which will be owned and operated by Mawson – could accommodate up to 2.0 Exahash of Bitcoin mining operational capacity. TPL and JAI will earn a net royalty interest and retain an option to acquire an equity stake. Mawson intends to participate in demand response programs as part of its power procurement strategy and is evaluating behind-the-meter renewable solutions. Mawson and JAI have four locations planned in Texas, with two located on TPL’s surface. Construction is expected to commence in the second quarter of 2022, and operations targeted to begin in the fourth quarter of 2022.
“This project marks the beginning of TPL’s journey into bitcoin, and we are fortunate to collaborate with Mawson and JAI as two highly regarded companies in the bitcoin mining industry,” said Tyler Glover, CEO of TPL. “We believe TPL’s extensive surface footprint in West Texas can serve as a premier destination for the bitcoin mining industry, providing site locations proximate to existing grid infrastructure and excellent solar and wind resource for future renewable power procurement. We are aligned to see this venture succeed and scale as we look to leverage our unique asset base, industry and customer relationships, and the region’s energy abundance. For TPL, our shareholders will benefit from a unique royalty stream while retaining an option to participate as an equity partner.”
“Texas is rapidly emerging as an attractive new Bitcoin mining destination in the United States, and we are eager to establish a foothold in the state,” said James Manning, CEO and Founder of Mawson. “Community engagement and sustainability are important priorities for Mawson, and we look forward to being a responsible corporate citizen in the communities in which we operate. We are excited to have partnered with JAI and TPL, and we believe our combined efforts and competencies will provide substantial opportunities for future development.”
“We’re thrilled to join with TPL and Mawson to bring bitcoin mining to Texas,” said Justin Ballard, founding partner of JAI Energy. “As a former long-time professional in the oil and gas industry, I believe that bitcoin can serve as a great complement to the oil patch and together achieve success. Additionally, it is extremely valuable to the entire Bitcoin mining space to see a group like TPL getting involved in the industry. JAI Energy strives to educate energy companies and landowners on the benefits that Bitcoin mining can bring, and we applaud TPL for being a leader and jumping at the opportunity to enter this emerging industry.”
Forward Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
About Mawson Infrastructure Group
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
About JAI Energy
JAI Energy was formed specifically to mine and provide Bitcoin mining services for applications involving stranded, flared, and poor economic natural gas streams. JAI Energy has its own mining farm located in Wyoming, currently the largest Bitcoin mining farm in the State. JAI is also providing solutions for producers, midstream groups, and energy providers to allow them to capture value off their excess energy. JAI is based out of Casper, Wyoming which is also where all manufacturing of its portable mining data centers takes place.
For more information, visit: https://jaienergy.com/.
TPL Investor Relations
Mawson Investor Relations
Source: Texas Pacific Land Corporation
Released May 16, 2022