In line with its mission to sustainably mine Bitcoin and integrate renewable energy into its Bitcoin mining operations, Mara Holdings has acquired a wind farm in Hansford, Texas. Texas, the Bitcoin capital of the US, is home to many digital asset companies seeking to leverage the state’s deregulated electricity market, renewable energy resources, and favorable regulatory environment. Several prominent industry leaders have established operations in Texas, including Bitmain and Great American Mining (acquired by Crusoe Energy), which have set up operations in the Lone Star state. The company previously established a 200MW data center in Garden City, Texas, which draws its power from an adjacent wind farm.
MARA Holdings’ Texas wind farm acquisition features a newly acquired wind farm that offers 240 megawatts (MW) of interconnection capacity and 114 MW of nameplate wind capacity. MARA Holdings intends to repurpose last-generation ASIC mining hardware that would otherwise have been discarded at this facility. The company will also be utilizing 100% renewable energy to power these machines, so the center will be run at zero marginal cost. This sustainable approach not only extends the operational life of existing equipment but also reduces Bitcoin production costs through vertical integration.
Fred Thiel, MARA’s chairman and CEO, stated, “The closing of this acquisition represents a significant milestone in MARA’s ongoing transformation as we expand our asset base, following our strategic shift from an asset-light to an asset-heavy business model.”
With this move, the company is a step closer to achieving near net-zero operating costs. The sustainable mining movement is gaining steam. MARA Holdings’ sustainable approach to cryptocurrency mining is in line with the recent trend of addressing environmental concerns and energy consumption challenges with renewable energy. Cryptocurrency mining is an energy-intensive activity, and many crypto mining companies are actively working to reduce energy costs while increasing their mining capacity. Countries like Russia and Iran have faced energy challenges due to crypto mining, resulting in blackouts and power shortages. Rather than invest in a renewable power source, these countries instead imposed restrictions and crackdowns on cryptocurrency mining.
Companies like HIVE Digital Technologies and Iris Energy are taking the sustainability route. HIVE Digital Technologies intends to target 2% of the global Bitcoin mining capacity. The company plans to achieve this by expanding its operations to 15 EH/s by the end of 2025 via hydroelectric power. MARA Holdings has several data centers running on renewable energy. The company now has two centers in Texas, including the new wind farm, two in Ohio, and one in Finland. The data centers have a capacity of about 438 MW between them and function with different energy sources, including wind and heat. When the planned expansions and developments are completed, that number will rise to 688 MW.
The company’s sixth data center in Findlay, Ohio is still in development and is expected to be fully functional by the end of 2025.