Bitcoin miner Marathon Digital (MARA) announced that it will pay $178.6 million to acquire two new mining locations from Generate Capital’s subsidiaries.The business revealed on Tuesday that cash from Marathon’s financial sheet will be used to pay for the acquisition, which will add 390 megawatts of capacity.Approximately 21% of the two locations are empty and open for development, 63% are occupied by tenants mining bitcoin, and 16% are already home to Marathon.According to Marathon, the acquisitions should result in a roughly 30% decrease in the cost per coin mined.
When Compute North went bankrupt in November of last year, Generate Capital paid $5 million to purchase shares in two mining locations.A 50% reduction in the rewards for creating new Bitcoin (BTC) is expected in April 2024, which is forcing mining companies to review how they handle their business.To increase the scale of their mining operations, one such method is to purchase smaller businesses.Prior to the conclusion of the month, Marathon announced that it had $800 million available.
In line with its mining peers, Marathon’s Nasdaq-listed shares are currently up almost 7% on the day at $21.29.In the previous day, the price of bitcoin increased by almost 1.66%.