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Marathon Digital Expands Bitcoin Mining Presence with Texas Acquisition

Applied Digital disclosed on March 15th the successful sale of its 200-megawatt (MW) Bitcoin mining complex to Marathon Digital Holdings for $87.3 million. The Nasdaq-listed mining entity specified that the facility is located in Garden City, Texas, with the transaction anticipated to finalize by the second quarter of 2024.

Applied Digital Announces $87.3 Million Deal

Potential adjustments to the acquisition agreement might result in Marathon Digital Holdings increasing the gross purchase price to $97.3 million.

CEO Wes Cummins of Applied Digital expressed that this acquisition signifies a significant enhancement for the company, providing it with enhanced financial capabilities. He emphasized that this transaction will fortify the groundwork for sustained growth and operational excellence, enabling Applied Digital to focus on the development of HPC data centers, a strategic shift in direction.

According to Bloomberg, Marathon is reportedly planning to acquire additional mining sites in anticipation of Bitcoin’s halving event.

The facility, constructed in 2023, served as a hosting site where Marathon was a client before acquiring it. Despite the acquisition, Marathon will continue as a hosting client at Applied Digital’s North Dakota data center.

Applied Digital reaffirmed its dedication to enhancing and expanding its high-performance computing (HPC) capabilities.

Additionally, Applied Digital recently announced a collaboration with Together AI. Under this partnership, Together AI will utilize Applied Digital’s Nvidia H100 graphics processing units (GPUs) for its operations.

Reflecting a trend in the Bitcoin mining industry, many companies are diversifying into generative AI. Following suit, the Nasdaq-listed mining company is poised to explore generative AI technologies alongside its core operations.

Marathon Digital’s BitCoin Mining Exploits

In late February, Marathon reported a self-mining hash rate of 28.7 exahashes per second (EH/s). With Bitcoin’s upcoming halving slated for April 20, the block reward is anticipated to halve from 6.25 BTC to 3.125 BTC.

In preparation for this event, Marathon has strategically bolstered its financial reserves. As of January 31, the company held over $1 billion in unrestricted cash and bitcoin combined. Projections suggest that this financial strength will propel Marathon’s hash rate to an estimated 50 EH/s by the close of 2025.

Moreover, Marathon has taken significant steps to expand its mining capacity. In January, the company acquired two mining sites in Nebraska and Texas for around $179 million (390 MW).

The recent acquisition of Applied Digital’s Texas Bitcoin mining facility further cements Marathon’s position as a prominent player in the digital asset mining sector.

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