Marathon Digital Expands its Mining Operations With a $178 Million Acquisition
Marathon Digital Acquires Two Mining Facilities
Mining firm Marathon Digital has inked a purchase deal to acquire two Bitcoin mining facilities with a combined capacity of 390 megawatts. The deal is said to cost $178 million. It marks the mining firm’s transition to an organization that manages a diversified portfolio of crypto mining operations.
In a statement, Marathon Digital said it fully owned the two mining sites, which would play a significant role in reshaping the company’s business model. As of December 30, Marathon Digital’s mining portfolio has a collective capacity of 584 megawatts, with only 3.5% directly owned by the firm.
However, with the latest acquisition, Marathon Digital’s portfolio is expected to grow to roughly 905 megawatts, with 46% directly owned by the company and about 54% hosted by partners.
Marathon Digital is increasing its mining capacity at a time when Bitcoin is in an uptrend, thanks to the anticipation of a Bitcoin spot ETF approval in early January. According to data from CoinGecko, BTC is currently trading at $41,987, a price it saw last 18 months ago.
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The acquired mining facilities, one in Kearney, Nebraska, and the other in Granbury. Texas, offer massive expansion opportunities. Per Marathon Digital’s statement, the company will use the 390 megawatts to double its hash rate to nearly 55 exahashes in the next two years.
What Marathon Digital Boss Expects the Two Acquired Facilities to Achieve
Marathon Digital CEO Fred Thiel has expressed enthusiasm over his company’s latest acquisition. He says the two facilities will help reduce costs while optimizing mining operations. Moreover, he reveals that the purchase deal has increased Marathon Digital’s mining portfolio by 55%.
Meanwhile, the mining firm’s CFO Salman Khan has disclosed that the acquisition was financed with cash, highlighting Marathon Digital’s growing financial muscles. He expects the two mining facilities to reduce operating costs by nearly 30%.
Marathon Digital Expands to Paraguay
This is not the first time Marathon Digital has acquired a mining facility this year. Last month, the company reported that it had expanded its presence to Paraguay after acquiring a Bitcoin mining farm that’s entirely powered by renewable energy.
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