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“Once all of our miners are deployed by the end of the first quarter of 2022, our hashrate will be 10.37 EH/s, and our operations will be 70% carbon neutral, with our long-term goal of achieving a 100% carbon neutral footprint,” said Marathon CEO Fred Thiel.
Marathon Digital Holdings, a Bitcoin (BTC) mining firm based in the United States, has announced intentions to achieve climate neutrality with its blockchain mining activities.
The corporation intends to minimise its carbon emissions by building a new data centre in Texas that will house nearly 73,000 previously acquired Bitcoin miners as part of a new 300-megawatt plant. Marathon intends to launch development in October 2021 in collaboration with Compute North, a long-standing industry partner, to accomplish this aim.
Marathon will provide Compute North with an 18-month bridge loan worth up to $67 million under the terms of the deal.
“Compute North is a long-term partner of ours, and by expanding our working relationship with them through this new agreement, we have now secured economical hosting arrangements for all 103,120 of our previously purchased Bitcoin miners,” said Marathon CEO Fred Thiel, adding:
“This agreement sets us on a clear path to becoming one of the largest, most efficient, and most environmentally conscious Bitcoin miners in North America.”
Commenting on the news, MicroStrategy CEO Michael Saylor said “Marathon is acting decisively to expand its US-based mining capacity in a carbon neutral fashion,” adding that publicly-traded miners will “lead the way on ESG initiatives.” ESG stands for environmental, social and corporate governance.
Marathon is acting decisively to expand its US-based mining capacity in a carbon neutral fashion. Publicly traded Bitcoin miners like $MARA are going to drive standards of excellence for other miners around the world & lead the way on ESG initiatives. https://t.co/jrnWnkxqjf
— Michael Saylor (@michael_saylor) May 24, 2021
Given the negative publicity Bitcoin mining has attracted in recent weeks, Marathon Digital’s announcement is timely. As China prepares to crack down on cryptocurrency mining within its borders, at least three mining pools have announced plans to suspend operations in the region.
Marathon has steadily increased its Bitcoin mining ability, having recently obtained a shipment of 10,300 S-19 Pro ASIC miners from Bitmain.
Marathon claims to be the first completely compliant Bitcoin mining operations in North America, having begun transferring its hash power to a new mining pool on May 1, 2021. According to Cointelegraph, the proposed mining pool follows the Office of Foreign Asset Control’s anti-money laundering rules.