Marathon Digital Expands Bitcoin Mining Operations with $179M Acquisition

Bitcoin miner Marathon Digital plans to acquire two mining sites for $178.6 million in cash from subsidiaries of Generate Capital, aiming to reduce mining costs ahead of the upcoming reward halving in April 2024. The acquisition will add 390 megawatts of capacity and is expected to lower the cost per coin mined by approximately 30%. Marathon's move to acquire smaller firms is part of its strategy to capitalize on industry consolidation and achieve economies of scale. The company currently holds over $800 million in cash and bitcoin.