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<a href="https://ultramining.com/news/en/marathon-digital-holdings-ignites-crypto-spring-with-500k-pledge-to-bitcoin-development/">Marathon Digital Holdings</a>, a major player in Bitcoin mining, is exploring offshore opportunities amid mounting regulatory concerns in the United States. The company announced a new project in the UAE, aiming for a balanced 50-50 onshore-offshore operation, according to <a href="https://www.bloomberg.com/news/videos/2023-06-13/marathon-digital-ceo-expects-more-bitcoin-miner-deals-video">bloomberg</a>.&nbsp;&nbsp; 
This comes as cryptocurrency companies feel the heat from regulatory bodies in the U.S, with several viewing offshore options as a strategic move. The Security and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have provided clarity that Bitcoin, unlike other cryptocurrencies, is a commodity and not a security. Despite this, the industry is still grappling with regulatory uncertainty. 
Marathon is hopeful that ongoing legislation will provide clearer guidelines for market structure. If successful, this could foster a friendlier environment for crypto-based businesses and deter the growing trend of moving offshore. 
Meanwhile, Bitcoin mining is experiencing an upgrade cycle. Although energy consumption remains constant, the global hash rate, a measure of compute power for Bitcoin mining, has significantly increased. Marathon's investment in more modern and energy-efficient machinery is driving industry innovation and growth. 
Finally, the Bitcoin halving event, due next year, is causing a stir in the industry. Mining companies will need to be more energy-efficient as mining costs are set to double. Hence, the drive for miners to invest in their own energy generation, including renewable energy projects. According to Marathon, Bitcoin miners are poised to be the largest investors in renewable energy in the U.S., thus presenting a unique solution to the lack of transmission capacity. 
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Marathon Targets 50% Offshore Operations amid Crypto Regulatory Uncertainty

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