Summary
Marathon Digital, the largest public crypto miner in North America, is eyeing expansion into Africa as part of its global strategy. The company believes that bitcoin mining can be a technology solution for the energy sector and sees potential in Africa for proving this concept. Africa has seen an influx of miners recently, attracted by low-cost energy and ideal climate conditions. Marathon Digital aims to attach bitcoin miners to stranded or underutilized power sources in Africa, increasing their profitability and ensuring they stay online for those who need them. The company has already expanded into the United Arab Emirates and Paraguay and increased its hash rate to 26.4 exahashes per second in January. Meanwhile, competitors like Core Scientific are focused on expanding their footprint in the US.
Key Points
1. Marathon Digital, the largest public crypto miner in North America, is focused on global expansion and has already expanded to the United Arab Emirates and Paraguay. Africa is also being considered as a potential location for bitcoin mining due to its low-cost energy and ideal climate.
2. African countries with stranded or underutilized power can benefit from attaching bitcoin miners to these power sources, increasing their profitability and ensuring they stay online for those who need them. Bitcoin miners can also incentivize the development of more power projects across the continent.
3. While Marathon Digital is looking to expand globally, its competitors like Core Scientific, Riot Platforms, and CleanSpark are prioritizing domestic expansion in the United States. Core Scientific plans to add 372 megawatts of infrastructure in Texas, while Riot Platforms operates mainly in Texas and CleanSpark recently acquired facilities in Mississippi and Georgia.