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On March 15, Marathon Digital Holdings made public their decision to make a deal with Applied Digital to purchase a 200 MW bitcoin mining establishment in Texas for $87.3 million.
This will add another 1.1 gigawatts to Marathon’s bitcoin mining capacity making it a little bigger than the total energy the back-fluxing device requires traveling in the past “Flux Capacitor” from Back to the Future.
Fred Thiel, the CEO of Marathon stated:
“This transaction increases our influence over our current operations, reduces our cost per coin by approximately 20% at the site, and provides us with an additional 100 megawatts of capacity to expand. Following the close of this transaction and the anticipated expansion of the site this year, our Bitcoin mining portfolio will consist of approximately 1.1 gigawatts of capacity, 54% of which will reside on sites we directly own and operate, and all of which are diversified across eleven sites on three continents.”
Therefore, this deal will elevate Marathon’s output into its operations by 20% and lower mining costs simultaneously. Other land that the company plans to add more electricity production to the existing capacity by 200 MW this year.
This news is after an impressive year for Marathon Digital. While in 2023, the company’s revenue hit $387.5 million, it marked a 229% annual growth from Bitcoin price gains and increased Bitcoin outputs of 147%.
The difficulty of mining Bitcoins is one of the major limits that miners always face. The “Halving” event, which the Bitcoin community is most excited about, is scheduled for mid-April and will lower the block reward in half, from 6.25 BTC to 3.125 BTC a block.
Also Read: Bloomberg Analysts Decrease Chance of Ethereum ETF Approval to 30%
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