Bitcoin miner Marathon Digital (MARA) said it will buy two new mining sites from subsidiaries of lending firm Generate Capital for $178.6 million.
The acquisition, which will add 390 megawatts of capacity, will be paid in cash from Marathon’s balance sheet, the company announced on Tuesday. Across the two sites, around 21% is vacant and available for expansion, 63% is occupied by bitcoin mining tenants and 16% is already occupied by Marathon. Marathon said it expects the acquisitions to reduce the cost per coin mined by around 30%.
Bitcoin’s (BTC) anticipated halving in April 2024 is leading mining firms to reassess their operations to ensure they are prepared for the rewards for creating new BTC being cut by 50%. One such way is by acquiring smaller firms to bring greater scale to their mining activities. Marathon said earlier this month it had $800 million to use to that end.
