Marathon Digital Acquires Bitcoin Mining Sites from Hut 8
Bitcoin mining firm Hut 8 has announced that it is selling its mining sites in Kearney, Nebraska, and Granbury, Texas to Marathon Digital for $13.5 million. As part of the agreement, Marathon Digital will assume complete operational control of the sites after paying a termination fee. Hut 8 will continue to provide management services until April 30, 2024, when Marathon Digital takes over. The President of Hut 8, Asher Genoot, expects an orderly transition of operations and plans to share the company’s new initiatives with the public.
Marathon Digital Expands Mining Capacity
Marathon Digital’s acquisition of the two mining sites from Hut 8 has significantly increased its mining capacity. Previously, the company operated only 3% of its mining portfolio, with the remaining 97% hosted by third parties. With the addition of Generate Capital’s mining sites, Marathon Digital’s mining capacity now stands at 910 megawatts. CEO and Chairman Fred Thiel stated that they aim to integrate their entire portfolio within the next 18 to 24 months to reach a capacity of 5 Exahashes (Eh/s).
Hot Take: Marathon Digital Expands Bitcoin Mining Operations
Marathon Digital’s acquisition of two Bitcoin mining sites from Hut 8 marks another step in its mission to become a more hands-on mining operation. By increasing its mining capacity and assuming complete control of these sites, Marathon Digital is positioning itself for further growth and profitability in the Bitcoin mining industry. With a focus on asset-light infrastructure and validation of new transactions on the network, Marathon Digital is poised to capitalize on the increasing demand for Bitcoin mining. As they continue to expand their operations and integrate their portfolio, Marathon Digital is solidifying its position as a key player in the crypto mining sector.
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