Summary
Marathon Digital is acquiring a Texas bitcoin mining facility for $87 million, with plans to expand its capacity by 100 MW by the end of the year. The company aims to scale up before the bitcoin halving in April, using its $1 billion balance sheet to nearly double its hash rate by 2025. Other mining companies, like Riot Platforms and CleanSpark, are also making moves ahead of the halving. Hut 8 CEO emphasizes the importance of being cost-conscious during growth initiatives.
Key Points
1. Marathon Digital is set to buy a Texas bitcoin mining facility for $87 million in cash, with plans to grow its presence at the facility by 100 MW by the end of the year.
2. The company aims to nearly double its hash rate to 50 EH/s by the end of 2025, utilizing its balance sheet of roughly $1 billion worth of unrestricted cash and bitcoin.
3. Other mining companies like Riot Platforms and CleanSpark are also making moves ahead of the bitcoin halving, with acquisitions and growth initiatives in the works.