The wind farm will mine Bitcoin only when wind energy is available, reducing dependence on traditional grids and leveraging sustainable power sources.
Marathon Digital Holdings, one of the leading Bitcoin miners in the United States, has taken a significant step toward integrating renewable energy into its operations by acquiring a 114-megawatt wind farm in Hansford County, North Texas.
The deal, confirmed through a filing with the US Federal Energy Regulatory Commission, involves a purchase from a joint venture between National Grid Plc and the Washington State Investment Board. Though the financial terms remain undisclosed, this marks a significant milestone in Marathon’s commitment to sustainable Bitcoin mining.
Moving the Market to Meet the Electrons
The acquisition has changed how the company powers its mining facilities, minimizing reliance on traditional power grids.
Marathon’s CEO Fred Thiel, framed the acquisition as a pivotal move to align Bitcoin mining with sustainability goals. This approach will see the wind farm used exclusively to power Bitcoin mining rigs when wind energy is available, ensuring operations are both cost-effective and environmentally conscious.
“By repurposing machines and energizing them with 100% renewable, zero-marginal energy cost, we’re leveraging renewable resources that would have otherwise been curtailed, reducing our bitcoin BTC $109 802 24h volatility: 2.8% Market cap: $2.19 T Vol. 24h: $39.67 B production costs through vertical integration, and demonstrating MARA’s commitment to environmental stewardship,” Thiel said in a statement.
The acquisition comes as big tech companies, driven by artificial intelligence and data center demands, consume increasing amounts of electricity, leaving Bitcoin miners searching for alternative energy sources.
“AI companies can outbid miners for grid power,” Thiel said. This competitive energy landscape has driven Marathon to explore marginal energy sources like wind and solar.
Marathon plans to deploy older-generation mining equipment at the facility, enabling operations to remain cost-efficient while contributing to the company’s broader sustainability strategy. The farm is expected to run about 30% of the time, based on wind availability, with mining operations pausing during low-wind periods.
Marathon to Buy More Wind Farms
In a separate announcement, the company said the deal is anticipated to close in early 2025, although the transaction is subject to regulatory approvals. If approved, Marathon will be one of the first Bitcoin mining firms to adopt renewable energy to power its operations.
Meanwhile, the latest purchase is just the beginning for the company’s renewable energy push. According to the announcement, Marathon is eyeing additional acquisitions of wind and solar assets to further reduce its environmental footprint and energy costs.
“We see renewable energy as not just a necessity for sustainability but also a competitive advantage,” Thiel noted.
This strategic acquisition follows Marathon’s ambitious financial maneuvers earlier in the year. On Monday, the company announced plans to raise $700 million through convertible senior notes to fund additional Bitcoin acquisitions.
Year-to-date, Marathon has acquired 12,965 BTC at an average price of $77,692 and mined an additional 8,563 BTC. As of the end of November, the company’s total Bitcoin holdings reached 34,959 BTC, valued at $3.3 billion at current market prices.
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