Marathon Digital Holdings, a Nasdaq-listed bitcoin mining-based company, has announced a new deal with Compute North, a data center service provider, to host more than 100,000 mining machines in its data centers. The deal is an expansion of an earlier deal that secured positioning for 73,000 mining machines in Texas. Now, the new partnership secures hosting for all of these machines, to be powered with renewables.
Marathon Expands Mining Operations
Marathon, one of the largest bitcoin mining companies in the U.S., has announced it will expand its prior agreement with Compute North to host more than 100K miners in data centers around the country. The former agreement secured hosting for 73K miners in several data centers managed by Compute North, which is a Tier 0 data center service provider. The partnership also includes the installation, operations, and deployments of Marathon’s existing and new mining facilities.
With this partnership, Marathon will position all of its mining machines in the near future. The company bought 30K miners from Bitmain in August, and these miners will be delivered starting next month — after which Marathon will install them to begin producing bitcoin for the company.
Focus on Eco-Mining
Perhaps the most significant part of the agreement has to do with the origin of the power that will feed the miners in these data centers. The power will predominantly come from renewables, including solar and wind farms. This will allow Marathon to expand its hash power with the purchased miners with sustainability as a primary goal. The mining deployments will be done “behind the meter,” to avoid causing any troubles in the different grid connections near these data centers.
Fred Thiel, CEO of Marathon, explained:
Our mining operations will not only be among the largest in North America, but also among the most efficient and most environmentally friendly. Additionally, given that the primary energy provider is one of the largest generators of renewable energy from wind and solar in North America, we now have a clear path to continue expanding.
Marathon further announced its intention of issuing convertible senior notes for $500 million in November, with the objective of purchasing more mining machines.
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