MARA One Of The Largest Bitcoin Miners In North America 10% up
On May 24, Marathon Digital Holdings Inc., (NASDAQ: MARA) announced plans to build a new bitcoin mining facility in a binding letter of intent with Compute North.
About the partnership
The new data center will be home to 73,000 OF Marathon’s previously purchased ASIC bitcoin miners as part of a 300-megawatt data center located in Texas.
Marathon will be required to provide Compute North with an 18-month bridge loan of up to $67 million in order to build the facility.
The contract will last for three years and every year the amount will increase three percent thereafter.
It is expected that once all its miners are installed, the harsh rate will be about 10.37EH/s. Moreover, the company’s average mining cost for hosting services, electricity, data center management, and other hosting-related services will be $0.0453 per kWh, and Marathon’s operations will be 70% carbon neutral.
“Compute North is a long-term partner of ours, and by expanding our working relationship with them through this new agreement, we have now secured economical hosting arrangements for all 103,120 of our previously purchased Bitcoin miners,” said Fred Thiel, Marathon’s CEO. “This agreement sets us on a clear path to becoming one of the largest, most efficient, and most environmentally conscious Bitcoin miners in North America. Additionally, the structure of this agreement is highly advantageous as it allows us to have the necessary infrastructure for our miners built without the capital expenditure, and it provides us with the flexibility to explore alternative locations, should we require them, while mitigating the risk of price increases.
“Once all our miners are deployed by the end of the first quarter of 2022, our hashrate will be 10.37 EH/s, and our operations will be 70% carbon neutral, with our long-term objective being to obtain a 100% carbon neutral footprint.”
About the partnership
The new data center will be home to 73,000 OF Marathon’s previously purchased ASIC bitcoin miners as part of a 300-megawatt data center located in Texas.
Marathon will be required to provide Compute North with an 18-month bridge loan of up to $67 million in order to build the facility.
The contract will last for three years and every year the amount will increase three percent thereafter.
It is expected that once all its miners are installed, the harsh rate will be about 10.37EH/s. Moreover, the company’s average mining cost for hosting services, electricity, data center management, and other hosting-related services will be $0.0453 per kWh, and Marathon’s operations will be 70% carbon neutral.
“Compute North is a long-term partner of ours, and by expanding our working relationship with them through this new agreement, we have now secured economical hosting arrangements for all 103,120 of our previously purchased Bitcoin miners,” said Fred Thiel, Marathon’s CEO. “This agreement sets us on a clear path to becoming one of the largest, most efficient, and most environmentally conscious Bitcoin miners in North America. Additionally, the structure of this agreement is highly advantageous as it allows us to have the necessary infrastructure for our miners built without the capital expenditure, and it provides us with the flexibility to explore alternative locations, should we require them, while mitigating the risk of price increases.
“Once all our miners are deployed by the end of the first quarter of 2022, our hashrate will be 10.37 EH/s, and our operations will be 70% carbon neutral, with our long-term objective being to obtain a 100% carbon neutral footprint.”
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