MARA Holdings Announces Closing of Texas Wind Farm Acquisition

Rhea-AI Summary

MARA Holdings has completed its acquisition of a wind farm in Hansford County, Texas, featuring 240 megawatts of interconnection capacity and 114 megawatts of nameplate wind capacity. The company plans to utilize last-generation ASIC mining hardware at the site, extending the life of equipment that would have otherwise been written off.

The acquisition aligns with MARA's strategic transition from an asset-light to an asset-heavy business model. With this addition, MARA now owns and operates 136 megawatts of generating capacity. The company aims to achieve near net-zero operating costs by leveraging renewable resources that would have otherwise been curtailed, while reducing bitcoin production costs through vertical integration.

Positive

• Acquisition adds 240MW interconnection and 114MW nameplate wind capacity
• Increases total generating capacity to 136MW
• Expected reduction in bitcoin production costs through vertical integration
• Potential for near net-zero operating costs
• Extension of ASIC mining hardware economic life

Negative

• Capital expenditure for asset-heavy model transition
• Increased operational complexity from vertical integration

Fort Lauderdale, FL, Feb. 18, 2025 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, has closed its previously announced acquisition of a wind farm in Hansford County, Texas, with 240 megawatts of interconnection capacity and 114 megawatts of nameplate wind capacity.

The site will utilize last-generation ASIC mining hardware that would have otherwise been written off or sold into the secondary market. By repurposing machines and energizing them with 100% renewable, zero-marginal energy cost, MARA is leveraging renewable resources that would have otherwise been curtailed, reducing bitcoin production costs through vertical integration, and demonstrating the commitment to environmental stewardship.

"The closing of this acquisition represents a significant milestone in MARA's ongoing transformation as we expand our asset base, following our strategic shift from an asset-light to an asset-heavy business model," said Fred Thiel, MARA's chairman and CEO. "With this added renewable energy asset, MARA now owns and operates 136 megawatts of generating capacity, strengthening our position across the entire energy generation and bitcoin mining process. This acquisition not only extends the economic life of our ASIC miners, but also drives reduction in operational costs, bringing us closer to achieving near net-zero operating costs. We are proud to revitalize this renewable energy asset, further underscoring our commitment to sustainability and long-term value creation."

About MARA

MARA (NASDAQ: MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world's preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

For more information, visit www.mara.com, or follow us on:

Twitter: @MARAHoldings
LinkedIn: www.linkedin.com/company/maraholdings
Facebook: www.facebook.com/MARAHoldings
Instagram: @maraholdingsinc

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: mara@wachsman.com

FAQ

What is the capacity of MARA's newly acquired Texas wind farm?

MARA's newly acquired wind farm in Hansford County, Texas, has 240 megawatts of interconnection capacity and 114 megawatts of nameplate wind capacity.

How much total generating capacity does MARA now own after the Texas wind farm acquisition?

Following the Texas wind farm acquisition, MARA now owns and operates 136 megawatts of total generating capacity.

How will MARA use the Texas wind farm for bitcoin mining?

MARA will use last-generation ASIC mining hardware at the wind farm, powered by 100% renewable energy, aiming to achieve near net-zero operating costs.

What is MARA's new business model strategy in 2025?

MARA is transitioning from an asset-light to an asset-heavy business model, focusing on owning and operating renewable energy assets for bitcoin mining.