Bitcoin Miner Marathon Digital to Buy New Mining Sites for $179M
Summary
Bitcoin mining company Marathon Digital has announced the purchase of two new mining sites from subsidiaries of Generate Capital. The acquisition, which came to a sum of $178.6 million, is expected to add 390 megawatts of capacity to Marathon's operations. The company anticipates the move will reduce mining costs per Bitcoin by approximately 30%. This comes in preparation for Bitcoin's anticipated halving in April 2024, which is expected to reduce the rewards for mining the cryptocurrency. Marathon's shares saw a 7% increase in value following the announcement.
