Marathon Digital Holdings, a Nasdaq-listed bitcoin mining company, has signed a deal with Compute North, a data center service provider, to host over 100,000 mining machines in its data centers
Marathon and Compute North to host over 100,000 mining machines
The arrangement builds on a prior agreement that promised 73,000 pieces of mining equipment would be placed in Texas. The new agreement ensures that all of these computers, which will be powered by renewable energy, will be hosted.
Marathon, one of the country’s largest bitcoin mining companies, has announced that it will expand its earlier partnership with Compute North to host over 100,000 miners in data centers across the country.
Benefits of the agreement
Previously, Compute North, a Tier 0 data center service provider, supplied hosting for 73,500 miners in a number of data centers. As part of the agreement, Marathon’s present and future mining facilities will be constructed, operated, and deployed.
As a result of this agreement, the digital holdings will be able to find all of their mining units in the near future. 30K bitcoin miners from Bitmain in August and these miners will be delivered starting next month, after which Marathon will install them and start producing bitcoin for the company.
Perhaps the most crucial component of the setup is the source of the power that will power the miners in these data centers. The majority of the energy will come from renewable sources like solar and wind farms.
Marathon will be able to boost its hash power with the purchased miners, with the primary goal of ensuring long-term viability. To prevent interrupting the many grid connections around these data centers, the mining deployments will take place “behind the meter.”
Marathon CEO Fred Thiel explained:
Our mining operations will not only be among the largest in North America, but also among the most efficient and most environmentally friendly. Additionally, given that the primary energy provider is one of the largest generators of renewable energy from wind and solar in North America, we now have a clear path to continue expanding.
In November, Marathon announced that it would issue $500 million in convertible senior notes to support the purchase of further mining equipment.