Marathon Digital Turns Landfill Methane into Bitcoin Mining Power
Summary:
Marathon Digital, in collaboration with Nodal Power, has started mining Bitcoin using energy derived from methane gas harvested from a landfill in Utah. The venture is part of Marathon's broader aim to transform methane into electricity to power Bitcoin mining operations. Meanwhile, despite mining record 2,926 Bitcoin in Q2, Marathon's earnings did not meet expectations. Nevertheless, their Q2 revenue saw a 228% year-on-year increase, totaling $132.8 million.
Marathon Digital has initiated a program to mine Bitcoin (BTC) utilising energy procured from methane gas harvested from a landfill. Based in Utah, this 280-kW off-grid preliminary project is in collaboration with Nodal Power. Nodal Power, which started operations in November 2022, utilises landfill gas to generate energy in southeast United States and Texas. They succeeded in securing a $13 million seed round funding in August for the operation of two facilities, including a data center.
In a public announcement, Marathon highlighted the project as part of a comprehensive plan to assess the company's capabilities in harnessing landfill-released methane, converting it into usable electricity and utilizing that power to run Bitcoin mining operations. Marathon's CEO Fred Thiel expressed that if the pilot project's outcomes align with their expectations, they look forward to enlarging their operations in this sector and assist landfill operators in reaching their environmental objectives.
Bitcoin miners are persistently exploring new eco-friendly energy-generation solutions. For instance, Genesis Digital Assets Limited established an 8-MW facility in Sweden in August that operates on hydropower. Marathon inaugurated a 200-MW immersion-cooled facility in Abu Dhabi's ecological Masdar City in late October. A report released the same month discovered that crypto mining at landfills is feasible and offers benefits for miners, landfill proprietors, and the environment. According to the United Nations, methane is significantly more harmful to the environment compared to carbon dioxide.
Despite achieving a breakthrough by mining a record 2,926 Bitcoin in the second quarter, Marathon's earnings fell short of anticipations. However, the Q2 revenue showcased a 228% surge year-on-year, reaching $132.8 million.
Published At
11/2/2023 9:44:58 PM
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