Share this article
Bitcoin Miner Marathon Digital to Buy New Mining Sites for $179M as Reward Halving Nears
Marathon said the acquisitions will reduce the cost per coin mined by around 30%.
Updated Mar 8, 2024, 6:53 p.m. Published Dec 19, 2023, 3:19 p.m.
Bitcoin miner Marathon Digital (MARA) is digging into its hoard of cash to buy two sites from subsidiaries of lending firm Generate Capital in an acquisition that will reduce its mining costs before the reward for securing the blockchain is slashed by 50% next year.
The $178.6 million acquisition, which will add 390 megawatts of capacity, will be paid in cash, the company said Tuesday. Marathon said it expects the purchase to reduce the cost per coin mined by around 30%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitcoin's [BTC] halving, expected in April 2024, is leading mining companies to reassess their operations to ensure they are prepared for the drop in rewards. One such way is by acquiring smaller firms to bring economies of scale to their activities. Earlier this month, Marathon said it had more than $800 million of cash and bitcoin to "capitalize on strategic opportunities, including industry consolidation" ahead of the halving.
Across the two sites, around 21% is vacant and available for expansion, 63% is occupied by bitcoin mining tenants and 16% is already occupied by Marathon.
Generate Capital acquired stakes in two mining sites from bankrupt miner Compute North for $5 million in November last year.
Marathon's Nasdaq-listed shares have gained about 13% to $22.44, one of the better performers among its mining peers. The bitcoin price has risen about 3.2% in the last 24 hours.
Read More: Bitcoin Halving Is Poised to Unleash Darwinism on Miners
UPDATE (Dec. 19, 16:20 UTC): Adds bitcoin reward halving, cost reductions to first paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
