Bitcoin (BTC) miner Marathon Digital has announced the acquisition of a wind farm in Hansford County, Texas, to bolster its sustainability efforts.ย
The wind farm, which boasts 240 megawatts (MW) of interconnection capacity and 114 MW of nameplate wind capacity, will be the foundation for a new, sustainable data center.ย
Additionally, Marathon plans to develop and operate a behind-the-meter facility powered entirely by the siteโs wind energy, with zero-marginal energy costs, effectively eliminating energy expenses for its operations.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the first quarter of 2025. Once finalized, it will mark a pivotal moment in the companyโs ongoing effort to integrate renewable energy into its core business operations.
Focus on renewable energy
This acquisition aligns with Marathonโs broader strategy to convert underutilized renewable resources into economic value. The companyโs 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 of Marathon Digital, emphasized that the acquisition marks how energy and data center sectors can collaborate to create long-term value and foster sustainability initiatives.
He added:
โBy repurposing machines and energizing them with 100% renewable, zero-marginal energy cost, weโre leveraging renewable resources that would have otherwise been curtailed, reducing our bitcoin production costs through vertical integration, and demonstrating Marathonโs commitment to environmental stewardship.โ
The site will utilize next-generation ASIC mining hardware, some of which would have otherwise been written off or sold in the secondary market.ย
Through Marathonโs 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 hardwareโs economic life while reducing mining operationsโ environmental impact.
Marathon Digital CFO Salman Khan highlighted the projectโs financial benefits, noting that the initiative will not only extend the lifespan of the mining equipment but also enhance the companyโs return on capital employed.ย
The firmโs Bitcoin mining operations registered a record last month, with BTC production rising 26% month-over-month to 907 BTC and the hash rate surging 15% to reach 46.1 EH/s.
Moreover, Marathon revealed a plan to raise $700 million through a convertible senior notes offering, using the proceeds to buy Bitcoin and support general corporate activities.
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