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Bitcoin Miner MARA Expands Mining With New 114-Megawatt Wind Farm

Key Points:

Bitcoin miner MARA Holdings purchased a 114-megawatt wind farm in Texas to power its mining operations when wind energy is available.
Increasing demand from AI and tech firms has intensified competition for energy, prompting Bitcoin miners to explore alternative sources like wind and solar.

According to Bloomberg, MARA Holdings has acquired a wind farm in Hansford County, Texas, to power its operations. The purchase comes as tech giants increasingly dominate energy markets to fuel their expanding data centres.

Bitcoin Miner MARA Holdings Invests in Wind Energy for Bitcoin Mining

The 114-megawatt wind farm was sold by a joint venture between National Grid Plc and the Washington State Investment Board, according to a filing with the U.S. Federal Energy Regulatory Commission. Terms weren’t disclosed, but Bitcoin miner MARA Holdings intends to operate the facility only when wind is available, lessening dependence on conventional energy grids.

“This acquisition serves as a blueprint for how the energy and data center sectors can collaborate to create long-term value while advancing sustainability initiatives,” said Fred Thiel, MARA’s Chairman and CEO.

This approach reflects the increasing difficulty that Bitcoin miners face in finding economical sources of electricity. The energy demand has surged lately due to the advent of artificial intelligence. The power consumption of AI has outgrown crypto mining demand by far, putting pressure on miners to vie with technology companies for access to the grid and energy contracts.

Future Plans Indicate Moving into Renewable Energy

Bitcoin miner MARA Holdings will conclude the acquisition at the start of 2025 and will consist of the use of old mining computers that would have otherwise been scrapped. Thiel has future plans of acquiring more renewable energy facilities.

Despite the judicial hurdles that technology companies face, the recent ruling against Amazon’s nuclear power deal notwithstanding, Thiel believes that this wind-powered strategy of MARA falls in line with the economic and environmental priorities.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.