Originally published on: December 03, 2024
MARA, the renowned cryptocurrency mining company listed on Nasdaq, has taken a groundbreaking step towards sustainability by acquiring a wind farm in Hansford County, Texas. This marks the inception of MARA’s innovative Advanced ASIC Retirement Initiative.
In a significant move announced on Dec. 3, MARA finalized the acquisition of the wind farm boasting an operational wind generation capacity of 114 MW and an interconnection capacity of 240 MW. The surplus interconnection capacity highlights the untapped potential of renewable energy sources in the United States.
Unlike conventional practices, MARA has decided not to connect the facility to the power grid. Instead, the energy generated will power a cutting-edge data center, revolutionizing the way ASICs are utilized in the cryptocurrency mining industry.
Under the Advanced ASIC Retirement Initiative, MARA will deploy last-generation ASICs at the facility, salvaging equipment that would otherwise be deemed outdated or sold in secondary markets. Fred Thiel, the Chairman and CEO of MARA, emphasized the forward-thinking approach of this initiative by stating, “MARA has approximately 200,000 ASICs in its fleet as of the end of 2023.”
Having recently witnessed a $40 million increase in operational expenses, MARA reported a net loss of $124.8 million in the third quarter of 2024. However, the company’s revenue experienced a robust growth of 34.5% year-on-year during the same quarter, reaching $131.6 million.
In a move to fortify its position in the market, MARA disclosed to the United States Securities and Exchange Commission the acquisition of 6,484 BTC between Oct. 1 and Nov. 30, amounting to $618.3 million in cash. With its treasury now holding approximately 34,797 BTC valued at around $3.3 billion, MARA’s mining operations continue to thrive, culminating in the production of 717 BTC in October, the highest since the halving in April.
Uncover more insights on the cryptocurrency industry by subscribing to our Crypto Biz newsletter. Receive a weekly digest of key business trends in blockchain and crypto, from startup innovations to regulatory developments, providing you with the knowledge to navigate the market and seize financial opportunities. Delivered every Thursday, this newsletter is your gateway to the evolving world of cryptocurrencies.
