Marathon Digital Pays Hut 8 $13.5M to Run Two Bitcoin Mining Sites
Marathon Digital Holdings has announced that it has entered into a non-binding memorandum of understanding with Canadian mining firm Hut 8. The agreement will see Marathon pay Hut 8 $13.5 million to run two bitcoin mining sites in Canada.
The deal will see Marathon take over the management of Hut 8's facilities in Alberta and Drumheller, which have a combined power capacity of 19.6 MW. Marathon will also have the option to purchase the two sites outright for $1.1 million.
Marathon's CEO Merrick Okamoto said that the agreement will allow the company to expand its mining operations and take advantage of the favorable conditions in Alberta. Hut 8's CEO Jaime Leverton also expressed optimism about the partnership, stating that it will allow the company to focus on its core business of mining while leveraging Marathon's expertise in the field.
The news comes as Marathon continues to expand its bitcoin mining operations, with the company recently purchasing 30,000 Antminer S19j Pro machines from Bitmain. The machines are expected to be delivered and installed by the end of the first quarter of 2022, with the goal of increasing Marathon's total hashrate to 13.3 EH/s.
Overall, the agreement between Marathon and Hut 8 represents a significant development in the bitcoin mining industry, as it demonstrates the growing consolidation and collaboration among mining firms. With Marathon's investment in Hut 8's facilities, the two companies are poised to strengthen their positions in the competitive world of bitcoin mining.
02 лютого 2024
