Bitcoin mining powerhouse Marathon Digital took a major step to expand its operations by acquiring two mining sites from industry peer Hut 8. The $13.5 million deal, announced on February 2nd, will see Marathon assume control of data center infrastructure in Kearney, Nebraska and Granbury, Texas.
As part of the agreement, Hut 8 will continue managing both facilities until the full transition on April 30, 2024. At that point, Marathon will integrate the sites into its portfolio as it pushes toward its goal of reaching 5 exahashes per second (Eh/s) in hashing power.
The purchase builds on Marathon’s recent acquisition of two mining centers from Generate Capital for $178.6 million. That 390 megawatt capacity boost brought its total to 910, of which 45% now sits in company-owned real estate.
Marathon Chairman and CEO Fred Thiel views this direct ownership strategy as vital for the miner’s long-term interests, ensuring security and reliability within an increasingly competitive sector. By migrating away from third-party hosting services that made up 97% of its business last year, Thiel aims to have complete operating control within the next two years.
As one of the leading publicly traded Bitcoin miners in North America, Marathon continues positioning itself at the forefront of the global hash rate battle. With landmark deals cementing control of its computing power, the purchase from Hut 8 offers the latest signal of Marathon Digital’s ambition within the still-maturing crypto-mining industry.
