Bitcoin

April

Read

Marathon Digital has finalized a deal with Hut 8 to take over the operational control of Bitcoin mining sites by paying a termination fee of $13.5 million.
<a href="https://crypto.news/tag/marathon-digital-holdings/" data-type="link" data-id="https://crypto.news/tag/marathon-digital-holdings/" rel="noopener noreferrer nofollow">Marathon’s</a> control of the mining sites in Granbury, Texas, and Kearney, Neb., slated for completion by April 30, follows Marathon’s Jan. 16 acquisition of the sites for <a href="https://ir.mara.com/news-events/press-releases/detail/1335/marathon-digital-holdings-enters-definitive-agreement-to" data-type="link" data-id="https://ir.mara.com/news-events/press-releases/detail/1335/marathon-digital-holdings-enters-definitive-agreement-to" target="_blank" rel="noopener noreferrer nofollow">$178.6 million</a>. Hut 8 has managed operations under a contract inherited from a <a href="https://theminermag.com/news/2024-02-02/marathon-hut-bitcoin-mining-texas-nebraska/" data-type="link" data-id="https://theminermag.com/news/2024-02-02/marathon-hut-bitcoin-mining-texas-nebraska/" target="_blank" rel="noopener noreferrer nofollow">previous merger</a>, valued at $1.2 million per month.
The <a href="https://www.globenewswire.com/news-release/2024/02/02/2822731/0/en/Hut-8-concluding-managed-services-at-Kearney-Nebraska-and-Granbury-Texas-in-Q2.html" data-type="link" data-id="https://www.globenewswire.com/news-release/2024/02/02/2822731/0/en/Hut-8-concluding-managed-services-at-Kearney-Nebraska-and-Granbury-Texas-in-Q2.html" target="_blank" rel="noopener noreferrer nofollow">transition</a> aims to enhance Marathon’s operational efficiency and cost-effectiveness in Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) mining at these locations.
You might also like: <a href="https://crypto.news/electricity-demand-to-double-in-3-years-how-ai-and-mining-play-a-part/" rel="noopener noreferrer nofollow"> Electricity demand to double in 3 years. How AI and mining play a part </a>
“By operating the sites in Granbury and Kearney ourselves, we will be able to fully recognize the operational and economic benefits of owning these assets,” Marathon Digital CEO Fred Thiel said, expressing optimism about leveraging the company’s expertise for greater benefits.
The agreement to shift control marks a significant step for both firms in optimizing their operations and strategic positioning within the <a href="https://crypto.news/tag/mining/" data-type="link" data-id="https://crypto.news/tag/mining/" rel="noopener noreferrer nofollow">crypto mining</a> sector. On the other side, citizens in Granbury have <a href="https://crypto.news/bitcoin-mining-health-crisis-texas/" data-type="link" data-id="https://crypto.news/bitcoin-mining-health-crisis-texas/" rel="noopener noreferrer nofollow">raised concerns</a> about noise pollution attributed to mining activities, showing the community impact of similar operations.
<a href="https://crypto.news/tag/hut-8/" data-type="link" data-id="https://crypto.news/tag/hut-8/" rel="noopener noreferrer nofollow">Hut 8</a> President Asher Genoot praised the teams’ dedication at both sites and anticipated a smooth handover. Despite stepping down as the operator, the company will continue to offer managed services and self-mining activities.
Read more: <a href="https://crypto.news/hut-8-corp-challenges-short-seller-report-claims-financial-solidity/" rel="noopener noreferrer nofollow"> Hut 8 Corp. challenges short-seller report, claims financial solidity </a>

Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites

crypto.news

Other articles published on Feb 2, 2024

Ripple XRP Hack Update: Where Are the Missing Tokens Now?

Crypto Trader Jason Pizzino Spotlights Rising Altcoins for Investors

Terra Classic’s Price Forecast and Analysis

SHIB's Goal to 'Finish Everything' by End of 2024, Binance Freezes Stolen XRP Tokens, Anon Whale ...

Dogecoin network activity goes parabolic — Will DOGE price follow?

Netflix unveils 50 new movies and returning series for 2024

Join our free newsletter for daily crypto updates!