Mara, a publicly traded, U.S.-based mining conglomerate listed on Nasdaq, has announced a new expansion of its Bitcoin mining sites in the country. Two sites have already been acquired, and one is in development in Ohio, which will provide the company with 372 megawatts that will be fully energized by 2025.
Made in USA: Mara Expands Mining Capacity, Bets Big on Bitcoin's American Future
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Mara Bets on U.S. Bitcoin Development, Announces 372MW Ohio Developments
President Trump’s victory has brought a wave of optimism and activity in the cryptocurrency industry in the U.S. Mara, one of the leaders of cryptocurrency mining and data center computing in the country, has recently announced a new investment in Ohio involving three new data center sites.
Revealed in a video featuring President Trump’s pro- crypto speeches, Mara specified that it had acquired two sites in Hannibal and Hopedale, Ohio with a combined capacity of 222 megawatts, 122 already available, and approval to increase this number by 100 more. Also, it revealed that it had begun developing a new site in Findlay, Ohio to reach 150 megawatts, with 30 already operational.
Mara highlighted these acquisitions’ $270,000 per megawatt cost, stating that it was one of the lowest in the industry, demonstrating its “unmatched ability to deliver accretive acquisitions,” per Mara’s Chief Financial Officer Salman Khan’s remarks.
Fred Thiel, Chairman and CEO of MARA Holdings, noted that this move will also help achieve a more decentralized energy capacity. “Once energized, our data centers will be further diversified across multiple jurisdictions and independent system operators, ensuring that no single independent system operator contains more than 50 percent of our owned and operated capacity,” he stated.
With these purchases, Mara ends 2023 with just under a gigawatt of power acquired, taking the company’s energy total to 1.5 gigawatts, with 65% being owned and operated in-house. Nonetheless, Thiel hinted at the reveal of more developments for the company this same year. “I wonder what we’ll do in 2025….oh wait, there’s still time for one or two more things this year,” he detailed.
Last month, Mara secured a $200 million bitcoin collateralized line of funding to pursue strategic opportunities and support various corporate initiatives.
Read more: Nasdaq-Listed Bitcoin Miner MARA Secures $200 Million Line of Credit to Fuel Strategic Growth
