On Thursday, Marathon Digital, a publicly traded bitcoin mining company, announced its partnership with Nodal Power, revealing plans to initiate an innovative 280-kilowatt (kW) bitcoin mining pilot project in Utah. The project harnesses biogas, specifically methane from a landfill, to fuel the pilot’s BTC mining operations, which are reported to be fully energized.
Eco-Friendly Bitcoin Mining
Marathon Digital, listed on Nasdaq under the ticker MARA, has announced a new partnership with Nodal Power. Nodal Power is recognized for developing and operating assets in the renewable energy sector, focusing primarily on biogas. The gas-to-bitcoin firm just raised $13 million in a seed round backed by strategic investors.
Marathon detailed on Thursday that the pilot project with Nodal Power is part of a “broader initiative” by the firm. The company wants to validate the benefits of capturing methane from landfills to power its fleet of bitcoin (BTC) mining rigs. The press announcement cites the United Nations Environment Programme (UNEP), which details that methane is 80 times more harmful than CO2.
Additionally, Marathon cited the U.S. Environmental Protection Agency (EPA), underscoring the agency’s perspectives on issues related to municipal solid waste emissions. The statement outlined that landfills contributed to over 14% of the U.S.’s total methane emissions in 2021. Using biogas as energy to power bitcoin mining operations reduces emissions and mitigates the risks associated with methane.
“At Marathon, we are constantly seeking innovative ways to diversify our operations, lower our energy costs, and leverage the unique aspects of Bitcoin mining to better the environments in which we operate,” Fred Thiel, Marathon’s chairman and CEO stated.
The partnership with Nodal Power follows the news that the firm is charting a course to garner up to $750 million via assorted equity offerings, aiming to amplify its bitcoin holdings. The news was reported by theminermag.com on October 26 and it detailed that the firm reported with the SEC laying out its plan for intermittent securities sales.
“This decision to embark on another round of share dilution aligns with Marathon’s expansion and ‘hodl’ strategy to strengthen its position as the largest public mining firm with the most substantial Bitcoin reserves among its peers,” theminermag.com author reported.
On Thursday, MARA shares are up more than 5% against the U.S. dollar and 13.67% over the last 30 days. Year-to-date, MARA has risen more than 163% higher against the greenback. Six-month market statistics, however, show MARA is down a hair over 9% since the first week of May 2023.
What do you think about the partnership between Marathon and Nodal Power to test a gas-to-bitcoin mining pilot in Utah? Share your thoughts and opinions about this subject in the comments section below.