2024

Bitcoin

Bitcoin mining is warming an entire town in Finland thanks to a new project by the world’s largest Bitcoin mining company.
Marathon Digital Holdings has launched a pilot project that uses the recycled heat from Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) mining to warm the houses of over 11,000 residents.
The 2-megawatt pilot project, located in the Satakunte region, was announced in a June 20 X <a href="https://x.com/MarathonDH/status/1803798769298756000" target="_blank" rel="noopener nofollow">post</a>:
<blockquote>
 “In Finland, we launched a 2-megawatt pilot project to warm a community of 11,000 residents with recycled heat from digital asset computing.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/e1b2546c-3042-4dac-92b4-782a1534c3c9.png">
 <figcaption style="text-align: center;">
 Finland BTC mining pilot project. Source: Marathon Digital
 </figcaption>
</figure>
The Finland-based facility marks Marathon’s first district heating-based pilot project in the Euro area.
Related: <a href="https://cointelegraph.com/news/bitcoin-etfs-legitimized-crypto-industry-investors-storm-partners">Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners</a>
<h2 id="bitcoin-mining-the-future-s-renewable-source-of-heating">Bitcoin mining: the future’s renewable source of heating?</h2>
Marathon’s new facility uses a method called ‘district heating’ which centrally heats the water and distributes it through an underground network of pipes to heat houses.
This could prove to be a future-proof method for heating homes since Bitcoin mining rigs produce a significant amount of excess heat.
Marathon is the world’s largest Bitcoin mining firm worth over $5.84 billion, which is 33% more compared to the second-largest company, CleanSpark’s $4.36 billion market capitalization, according to CompaniesMarketCap <a href="https://companiesmarketcap.com/bitcoin-mining/largest-bitcoin-mining-companies-by-marketcap/" target="_blank" rel="noopener nofollow">data</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/93116a21-37a3-4c8a-bf25-741eb49c0d92.png">
 <figcaption style="text-align: center;">
 Top 10 BTC mining firms. Source: CompaniesMarketCap
 </figcaption>
</figure>
On a smaller scale, some companies are already working on <a href="https://cointelegraph.com/news/heating-a-home-with-a-bitcoin-miner-staying-warm-with-sats">Bitcoin mining-based local heating units</a> for homes. Some of the most popular solutions include Heatbit, which is marketed as a “plug-and-play” heating and air purifying machine, that mines Bitcoin at 10 TH/s.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/b2c6f49c-6316-4ae5-8681-3fcf37afef7f.png">
 <figcaption style="text-align: center;">
 BTC heater. Source: Heatbit
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/kraken-recovers-3-certik-bug-bounty-saga">Kraken recovers $3 million from CertiK, ending bug bounty saga</a>
<h2 id="is-heating-the-new-revenue-stream-for-btc-miners">Is heating the new revenue stream for BTC miners?</h2>
Bitcoin miners are looking for ways to increase their revenue after the <a href="https://cointelegraph.com/news/bitcoin-halving-2024">2024 Bitcoin halving</a> cut block rewards from 6.25 BTC to 3.125 BTC.
Marathon has long been exploring other ways to monetize the heat generated from its Bitcoin mining facilities and data centers, the video announcement explained:
<blockquote>
 “This pilot project represents an innovative test in Marathon’s pursuit towards developing new revenue streams and strategic approaches to achieving zero-cost power for digital asset computing while offering new solutions to the world’s energy transformation.”
</blockquote>
Selling the excess heat from Bitcoin mining could come as a significant financial lifeline for Marathon, which already operates over 11 mining sites worldwide, and controls 4.8% of the Bitcoin network’s hashrate, according to its <a href="https://www.mara.com/operations#stats" target="_blank" rel="noopener nofollow">homepage</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/9c62924f-7318-423b-a091-f8010a89b9fb.png">
 <figcaption style="text-align: center;">
 Marathon total sites and miners. Source: Mara.com
 </figcaption>
</figure>
Cointelegraph has approached Marathon Digital for comment.
Magazine: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame</a>

Marathon’s BTC mining is heating an entire town in Finland

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