Investing.com | Editor Hari G
Published Nov 05, 2023 11:07AM ET
Marathon Digital (NASDAQ:MARA) Holdings and Nodal Power have initiated a unique Bitcoin mining pilot in Utah, utilizing landfill methane gas as the sole source of power. This innovative project aims to harness the potential of stranded methane, a significant energy resource and a major contributor to U.S. methane emissions, as identified by the Environmental Protection Agency (EPA).
The initiative underscores the growing trend within the cryptocurrency sector towards sustainable practices. It aligns with the global sustainability objectives and mirrors other eco-friendly efforts in the industry, such as Genesis Digital Assets Limited and Marathon’s own 200-MW immersion-cooled plant in Abu Dhabi.
Fred Thiel, CEO of Marathon Digital Holdings, emphasized that Bitcoin miners hold a unique position in transforming this environmentally harmful gas into clean, renewable energy. The project also intends to support landfill operators in achieving their environmental targets by reducing greenhouse gases.
Despite achieving a Q2 2023 mining milestone of 2,926 Bitcoins and witnessing a surge in revenues by 228% to $132.8 million, Marathon’s earnings fell below expectations. However, Thiel highlighted the potential of this project to lower energy costs and diversify operations. The United Nations Environment Programme (UNEP) has noted that methane’s environmental impact is substantial for 20 years post-release, further emphasizing the importance of such initiatives in mitigating climate change.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
