Bitcoin (BTC), miner Marathon Digital, has acquired a windfarm in Hansford County Texas to boost its sustainability initiatives.
The new sustainable datacenter will have a wind farm that boasts an interconnection power of 240 megawatts and 114 megawatts of wind nameplate.
Additionally, Marathon plans to develop and operate a behind-the-meter facility powered entirely by the site’s wind energy, with zero-marginal energy costs, effectively eliminating energy expenses for its operations.
Transaction is subject to the usual closing conditions including regulatory approvals and should close in first quarter 2025. The transaction will be a turning point in the ongoing efforts of the company to integrate renewable energies into its core operations once it is finalized.
Renewable Energy: Focus
The acquisition is in line with Marathon’s strategy of converting underutilized resources to economic value. The company’s approach aims to significantly reduce its energy costs, alleviate grid congestion, and advance broader renewable energy deployment, all while contributing to a cleaner energy ecosystem.
Fred Thiel (Chairman and CEO, Marathon Digital) said the acquisition is a good example of how sectors such as energy and data centers can come together and work to build long-term value, while also fostering sustainability.
“He added”
“By repurposing machines and energizing them with 100% renewable, zero-marginal energy cost, we’re leveraging renewable resources that would have otherwise been curtailed, reducing our bitcoin production costs through vertical integration, and demonstrating Marathon’s commitment to environmental stewardship.”
This site uses next-generation ASIC hardware that would be otherwise written off, or sold on the secondary market.
Through Marathon’s Advanced ASIC Retirement Initiative, the company will give these retired machines a second life powered by wind energy that would otherwise be curtailed. The program promises to extend the hardware’s economic life while reducing mining operations’ environmental impact.
Marathon Digital CFO Salman Khan highlighted the project’s financial benefits, noting that the initiative will not only extend the lifespan of the mining equipment but also enhance the company’s return on capital employed.
The firm’s Bitcoin mining operations A record was registered Last month’s BTC production increased 26% from month to month to 907 BTC, and hash rates jumped 15% to 46.1 EH/s.
Marathon has also announced a plan for raising $700,000,000 through an offering of convertible senior bonds, and using the proceeds in order to purchase Bitcoin and fund general corporate activities.
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