Bitcoin (BTC) miner Marathon Digital has announced the acquisition of a wind farm in Hansford County, Texas, to bolster its sustainability efforts.
The wind farm, which boasts 240 megawatts (MW) of interconnection capability and 114 MW of nameplate wind capability, would be the basis for a brand new, sustainable knowledge middle.
Moreover, Marathon plans to develop and function a behind-the-meter facility powered completely by the positioning’s wind vitality, with zero-marginal vitality prices, successfully eliminating vitality bills for its operations.
The transaction is topic to customary closing situations, together with regulatory approvals, and is anticipated to shut by the primary quarter of 2025. As soon as finalized, it is going to mark a pivotal second within the firm’s ongoing effort to combine renewable vitality into its core enterprise operations.
Deal with renewable vitality
This acquisition aligns with Marathon’s broader technique to convert underutilized renewable sources into financial worth. The corporate’s method goals to considerably scale back its vitality prices, alleviate grid congestion, and advance broader renewable vitality deployment, all whereas contributing to a cleaner vitality ecosystem.
Fred Thiel, Chairman and CEO of Marathon Digital, emphasised that the acquisition marks how vitality and knowledge middle sectors can collaborate to create long-term worth and foster sustainability initiatives.
He added:
“By repurposing machines and energizing them with 100% renewable, zero-marginal vitality price, we’re leveraging renewable sources that may have in any other case been curtailed, decreasing our bitcoin manufacturing prices by way of vertical integration, and demonstrating Marathon’s dedication to environmental stewardship.”
The positioning will make the most of next-generation ASIC mining {hardware}, a few of which might have in any other case been written off or bought within the secondary market.
By Marathon’s Superior ASIC Retirement Initiative, the corporate will give these retired machines a second life powered by wind vitality that may in any other case be curtailed. This system guarantees to increase the {hardware}’s financial life whereas decreasing mining operations’ environmental influence.
Marathon Digital CFO Salman Khan highlighted the mission’s monetary advantages, noting that the initiative won’t solely prolong the lifespan of the mining tools but additionally improve the corporate’s return on capital employed.
The agency’s Bitcoin mining operations registered a record final month, with BTC manufacturing rising 26% month-over-month to 907 BTC and the hash price surging 15% to succeed in 46.1 EH/s.
Furthermore, Marathon revealed a plan to boost $700 million by way of a convertible senior notes providing, utilizing the proceeds to purchase Bitcoin and help common company actions.