In a recent announcement, Marathon Digital revealed its acquisition of two new Bitcoin mining centers in Texas and Nebraska for a total of $178 million. This expansion is expected to lead to a significant reduction in the cost of mining BTC, potentially by up to 30%.
“Over the past year, we have been focused on strengthening our balance sheet, improving our financial position, increasing our Bitcoin reserves, and reducing our debt. These efforts have been geared towards preparing for the future halving and ensuring that we can capitalize on growth opportunities,” explained Marathon Digital’s CFO, Salman Khan.
Furthermore, Marathon’s President and CEO, Fred Thiel, emphasized that the acquisition of these new sites will not only lower Bitcoin mining costs but also open up energy hedging opportunities. By expanding its operating capacity by 390 MW, Marathon Digital will be well-positioned to benefit from favorable energy market conditions.
In earlier news, Marathon Digital reported an impressive increase in BTC production of 467% during the third quarter.