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Bitcoin (BTC) miner Marathon Digital has introduced 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 information middle.
Moreover, Marathon plans to develop and function a behind-the-meter facility powered solely 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 predicted to shut by the primary quarter of 2025. As soon as finalized, it would 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 assets into financial worth. The corporate’s method goals to considerably cut 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 information 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 assets that will have in any other case been curtailed, decreasing our bitcoin manufacturing prices by means 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 will in any other case be curtailed. This system guarantees to increase the {hardware}’s financial life whereas decreasing mining operations’ environmental affect.
Marathon Digital CFO Salman Khan highlighted the challenge’s monetary advantages, noting that the initiative won’t solely lengthen the lifespan of the mining gear but additionally improve the corporate’s return on capital employed.
The agency’s Bitcoin mining operations registered a file final month, with BTC manufacturing rising 26% month-over-month to 907 BTC and the hash charge surging 15% to achieve 46.1 EH/s.
Furthermore, Marathon revealed a plan to lift $700 million by means of a convertible senior notes providing, utilizing the proceeds to purchase Bitcoin and assist normal company actions.