Key Notes

Key Notes:

Bitcoin miner Mara Holdings has completed its acquisition of a wind farm in Texas, aiming to reduce reliance on traditional power grids.The facility provides 240 MW of interconnection capacity and supports sustainable mining.CEO Fred Thiel sees the acquisition as a key step in Mara’s transition from an asset-light to an asset-heavy business model, helping to cut operational costs.

On Tuesday, February 18, Mara Holdings, a publicly traded cryptocurrency company focused on Bitcoin mining, announced the completion of its acquisition of a wind farm in Hansford County, Texas.

Through this acquisition, the company aims to reduce its dependence on traditional power grids for its mining operations by leveraging the newly acquired facility, which boasts 240 megawatts of interconnection capacity and 114 megawatts of nameplate wind capacity. According to an official press release, the site will utilize last-generation ASIC mining hardware that would have otherwise been written off or sold on the secondary market.

Mara first announced the acquisition deal in December 2024 but did not disclose the financial terms. However, the company’s chairman and CEO, Fred Thiel, confirmed that the Bitcoin miner now owns and controls 136 megawatts of generating capacity.

Thiel stated that closing the acquisition marks a significant milestone in Mara’s transition from an “asset-light” to an “asset-heavy” business model. He emphasized that the new site will help streamline operations and reduce unnecessary costs.

“This acquisition not only extends the economic life of our ASIC miners but also drives a reduction in operational costs, bringing us closer to achieving near net-zero operating expenses. We are proud to revitalize this renewable energy asset, further underscoring our commitment to sustainability and long-term value creation,” said Thiel.

Mara has been in the Bitcoin mining business since its launch in February 2010, enduring multiple bear market cycles, including Bitcoin’s dramatic decline from nearly $30 to 68 cents in 2011. Despite its resilience in the industry, Mara recently reported a decline in operational efficiency. In its latest update for January 2025, the company disclosed a 12% month-over-month drop in Bitcoin production.

The decline was primarily attributed to a reduction in the number of blocks won, which was affected by fluctuations in network difficulty and intermittent curtailment. However, despite this setback, Mara maintained its energized hashrate, which remained consistent with December levels.

“After a very busy end to 2024, during which we relocated and brought online over 100,000 miners, our energized hashrate remained consistent with December, as no new miners were brought online during the month,” Thiel said.

To support its operations and generate additional revenue, Mara recently launched a Bitcoin lending program. Under this initiative, the company plans to lend 16% of its total Bitcoin holdings to third parties in exchange for returns that will help cover operational costs and other corporate expenses.

As of January 31, 2025, Mara held 44,893 BTC on its balance sheet, according to a Coinspeaker report. Out of this holding, the firm has lent 7,377 BTC to unnamed borrowers.

While the company did not disclose the identities of the borrowers, it stated that the lent Bitcoin is expected to yield up to 10% in returns. The program focuses on short-term agreements with established entities.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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