Marathon & Compute North Partner to Achieve 10.37 EH/s Hash Rate; Miners Will Be 70% Carbon Neutral
Marathon Digital Holdings, a Bitcoin self-mining company in North America, has entered into a binding letter of intent with Compute North to host previously purchased 73,000 Bitcoin miners as part of a new 300-megawatt data center located in Texas.
Under this agreement, Marathon will be providing the other company with an 18-month bridge loan of up to $67 million to construct the facility. Its implementation is expected to take place in stages between October 2021 and March 2022.
Once all the mining machines are installed, Marathon will achieve a hash rate of 10.37 EH/s, while the average mining cost will be $0.0453.
What’s interesting here is that Marathon is expecting its operations to be approximately 70% carbon neutral with a long-term objective to have a 100% carbon neutral footprint. Fred Thiel, Marathon’s CEO said,
“This agreement sets us on a clear path to becoming one of the largest, most efficient, and most environmentally conscious Bitcoin miners in North America.”
Dave Perrill, CEO at Compute North commented,
“We are thrilled to expand our relationship with Marathon and help achieve their ESG goals through the delivery of carbon-neutral hosting operations.”
Growth in Bull Market
Another Bitcoin mining company, the Nasdaq-listed Riot Blockchain, meanwhile has announced the appointment of Benjamin Yi as Executive Chairman, and Lance D’Ambrosio is the company's new lead independent director.
Last week, Riot Blockchain also reported a 10x increase in its mining revenue to $23.2 million in the first quarter of 2021 and a net income of $7.5 million.
The company mined 62% more BTC in the first quarter compared to the last quarter at 491 BTC.
In April, Riot acquired Whinstone US, the owner, and operator of North America’s largest bitcoin hosting facility, with 300 megawatts in developed capacity and a long-term power purchase agreement, for $651 million in stock and cash.
Riot expects to achieve a total hash rate capacity of 7.7 EH/s in the fourth quarter of 2022, assuming full deployment of its fleet of about 81,146 Antminers acquired from Bitmain, 95% of which will be the latest generation S19 series model of miners.