Marathon Expands Crypto Mining Operations Ahead of Bitcoin Halving
Marathon Digital Holdings (MDH) is expanding its cryptocurrency mining operations in preparation for an upcoming change in the Bitcoin blockchain's coding, which could potentially impact its profits.
In a recent announcement, the company unveiled its plans to acquire a 200-megawatt data center in Texas for $87.3 million. This strategic move will lead to a significant transformation in how Marathon conducts its mining activities.
Marathon revealed that upon the completion of this acquisition and the anticipated expansion of the site in 2024, the company’s mining portfolio will boast 1.1 gigawatts of capacity, with 54% of it being directly owned and operated by Marathon. Currently, Marathon only operates 3% of its mining capacity through its own facilities.
This expansion is expected to enable Marathon to mine larger volumes of bitcoin, thereby mitigating the potential profit losses resulting from the significant reduction in bitcoin rewards for miners scheduled for April.
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Marathon has emerged as one of the few prominent publicly traded mining companies to navigate through the recent crypto market downturn while sustaining operations amidst the surge in bitcoin prices to new record highs in 2024. This resilience has positioned Marathon ahead of competitors such as Celsius Mining and Compute North, both of which filed for bankruptcy in recent years, thereby solidifying MDH’s lead in what was once a crowded industry.
According to data from The Block’s BTC price page, bitcoin was trading at $68,798 on Friday at 3:53 p.m. EDT, registering a 1.5% decrease from the previous day.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
