Key Takeaways
- Marathon Digital to buy a 200MW Bitcoin mining center in Texas for $87.3M.
- The acquisition will increase Marathon's total mining capacity to about 1.1 gigawatts.
- Marathon Digital's revenue surged to $387.5 million in 2023, up 229% from the previous year.
Marathon Digital Holdings has struck a deal with Applied Digital to buy a 200-megawatt Bitcoin mining facility in Texas.
The purchase price of $87.3 million will be paid in cash from Marathon’s holdings, and the acquisition will boost Marathon’s total mining capacity to around 1.1 gigawatts.
CEO’s perspective
Fred Thiel, Marathon’s CEO, stated that this transaction would increase their control over operations and reduce their cost per coin by about 20% at the site.
With plans to expand the site this year, Marathon’s mining portfolio will consist of approximately 1.1 gigawatts of capacity, 54% of which will be on sites they directly own and operate, spread across eleven sites on three continents.
Marathon’s revenue surge
Marathon Digital had its best revenue year in 2023, with earnings of $387.5 million, up 229% from the previous year.
This increase was partly due to a Bitcoin rally in late 2023 and a 147% rise in Bitcoin production year-over-year.
