Marathon Digital Holdings, a leading Bitcoin mining company, announced on March 15th that it has reached a definitive agreement with Applied Digital to acquire a 200-megawatt (MW) Bitcoin mining facility in Texas for $87.3 million.
According to the agreement, Marathon will make the payment in cash from its holdings, and the transaction will be finalized once all price adjustments are resolved.
The acquisition will significantly boost Marathon’s Bitcoin mining capacity, bringing it to approximately 1.1 gigawatts of capacity. This is just shy of the 1.21 gigawatts of electricity required to power the fictional “Flux Capacitor” from the iconic “Back to The Future” film franchise.
Fred Thiel, Marathon’s chairman and CEO, expressed his excitement about the acquisition. He stated that the company’s strong revenue performance in 2023, where it earned $387.5 million, was driven by the Bitcoin rally and a significant increase in Bitcoin production.
In addition to the acquisition, Marathon recently introduced a new service called “Slipstream.” This service aims to streamline and expedite large and non-standard Bitcoin transactions on the blockchain.
Looking ahead, Marathon Digital and other mining companies will face the upcoming Bitcoin halving event. This event, expected to occur in mid-April, will reduce the block rewards for miners by 50%, from 6.25 BTC to 3.125 BTC per block. This will have a significant impact on large-scale mining organizations.
For more information on the Bitcoin halving and comprehensive coverage, visit Cointelegraph’s website.