Marathon Digital has entered into a definitive agreement to acquire two Bitcoin mining facilities for $178.6 million from Generate Capital’s subsidiaries.
We have entered into a definitive agreement to acquire multiple #Bitcoin mining sites for $179 Million, increasing our mining portfolio 56% to 910 megawatts of capacity. Read the full press release here:https://t.co/FwhS4FujcA
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) December 19, 2023
According to the statement, the total capacity of the data centres is 390 MW. The company’s total mining capacity after the closing of the deal will reach 910 MW.
«The deal marks the emergence of Marathon’s first assets fully owned by the company, and marks the official transition from an asset-light model to one that operates a diversified and resilient portfolio of Bitcoin mining operations», according to the press release.
In our view, the agreement should double the current hash rate, roughly to 50 EH/s, over the next 18–24 months.
Under the terms of the agreement, Generate will transfer ownership of the data centres in Granbury, Texas and Kirni, Nebraska. The full closing is expected in the first quarter of 2024.
Earlier Marathon announced plans to launch in Paraguay a 27 MW Bitcoin mining facility powered by 100% renewable hydroelectric power.
As noted, by the end of November the miner mined 1,187 BTC, down 1% from the previous month.