Texas Pacific Land Corporation, Mawson Infrastructure Group Inc., and JAI Energy Announce New Bitcoin Mining Venture in West Texas
May 16 2022 - 9:00AM
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/.
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TPL Investor Relations IR@texaspacific.com
Mawson Investor Relations brett@haydenir.com
JAI Energy justin@jaienergy.com
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