As China’s FUD on Bitcoin mining peaks, Marathon Digital Holdings, a publicly-traded bitcoin mining company, has joined forces with Compute North, a firm that delivers cryptocurrency mining and infrastructure solutions to clients around the globe, to set up a new bitcoin mining location.
The approximately 73,000 Bitcoin miners that Marathon had earlier purchased will work in the new 300-megawatt data center located in Texas.
According to the report, the self-mining company will utilize Compute North’s unique TIER 0™ data center to make its operations approximately 70% carbon neutral, pushing it closer to its 100% carbon neutral footprint mark.
Merrick Okamoto, Marathon’s executive chairman also mentioned that the new project, in conjunction with Compute North, will make it possible for the company’s bitcoin miners to perform operations following correct regulatory measures.
To achieve the goal of the project, Marathon is required to give up a loan of up to $67 million, to Compute North, which will be extended for a period of 18-month while “implementation is planned to take place in stages between October 2021 and March 2022.”
At the end of the project, including the setting up of all of the Bitcoin miners Marathon had purchased, the company will experience a change in its hash rate. The hastate will be approximately 10.37 EH/s, while other charges incurred during mining like electricity, data center management, and hosting-related capital expenditure across all its facilities will be $0.0453 per kWh.
With regards to the agreement signed with Compute North, Fred Thiel, Marathon’s CEO said, “This agreement sets us on a clear path to becoming one of the largest, most efficient, and most environmentally conscious Bitcoin miners in North America.”
He continued, “Additionally, the structure of this agreement is highly advantageous as it allows us to have the necessary infrastructure for our miners built without the capital expenditure, and it provides us with the flexibility to explore alternative locations, should we require them while mitigating the risk of price increases.”
In a tweet, Michael Saylor, the CEO of business intelligence and software company MicroStrategy, commended Marathon’s efforts to “expand its US-based mining capacity in a carbon-neutral fashion.”
Marathon is acting decisively to expand its US-based mining capacity in a carbon neutral fashion. Publicly traded Bitcoin miners like $MARA are going to drive standards of excellence for other miners around the world & lead the way on ESG initiatives. https://t.co/jrnWnkxqjf
— Michael Saylor (@michael_saylor) May 24, 2021
Saylor has been going bullish on Bitcoin and his company’s latest purchase of 229 units of bitcoin, worth $10 million, has brought MicroStrategy’s total bitcoin holding to 92,079.
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