North American Bitcoin mining operation Marathon Digital is expanding a partnership with infrastructure firm Compute North to host more than 100,000 Bitcoin mining rigs.
The company said the vast majority of the miners coming online will be powered by renewable energy sources, including wind and solar. The idea, according to Marathon, is to help the company become 77% carbon-neutral — a bold feat for a cryptocurrency mining operation.
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
The latest agreement, announced Wednesday, is an expansion of an original deal that closed in May for Compute North to host 77,000 miners for Marathon in Texas. The southwestern state is fast becoming a hub for crypto mining companies in the U.S., thanks in part to lower energy costs relative to other states.
Recommended for You
Texas has been attempting to position itself to benefit from a potential influx of miners from China after the country banned most aspects of cryptocurrency, including mining, earlier this year.
All in, Marathon expects to deploy about 133,000 miners. The uptick in rigs would increase the company's overall hash rate to 13.3 EH/s.
Compute North is in the process of developing a number of new sites to meet the demand. The latest is a 280-megawatt plant in West Texas that is set to be operational by the first quarter of 2022. Remaining plants to meet the demand should come online by the middle of next year, the company said.
“As a flexible, base load consumer, bitcoin miners are uniquely positioned to deploy with renewable energy power providers who are interested in improving the economics of their current operations or funding the construction of new renewable energy facilities,” said Marathon CEO Fred Thiel in a statement.