Bitcoin Miner Marathon Agrees to Deal That Cuts Electricity Costs by 38% With US Power Company

imageNasdaq-listed Marathon Patent Group has agreed to a joint venture deal with U.S.independent power producer Beowulf Energy to deliver cheap electricity for its bitcoin mining operations in the country’s north.
In a statement on Tuesday, Marathon said that it will co-locate a bitcoin mining facility within Beowulf’s Big Horn Data Hub at its 105-megawatt power station in Hardin, Montana.
The company will pay Beowulf – which builds and operate electric power plants – $0.028 per kilowatt-hour (kWh) for the supply of electricity at the facility.This is 38% below Marathon’s aggregate electricity cost for mining and data center management, currently at $0.034/kWh.
Marathon said reduced power costs will also lower its breakeven costs to mine one bitcoin from the existing $7,500 to $4,600.Big Horn Data Hub also known as the Hardin Generating Station in Montana.
According to the statement, Marathon will install 11,500 S19 Pro Antminers it recently acquired from Bitmain the new site.The machines have the capacity to generate 1.265 exahash per second of bitcoin mining power.The farm is expected to become fully operational by the second quarter of 2021.
With 500 miners already at the site, the company says it intends to grow the facility to a hashrate of 3.32 EH/s in the future.
“The closing of this joint venture with Beowulf represents the completion of a long journey to own a bitcoin mining facility,” commented Marathon chairman and chief executive officer Merrick Okamoto.
“Partnering with an experienced independent power producer enables us to maintain control and certainty of Marathon’s energy and operational costs, at rates that represent some of the lowest in North America.”
Beowulf said it has earmarked an additional 500 megawatts of generation capacity for “subsequent blockchain and data center expansion.” Under the joint venture deal, the energy firm will become a shareholder in Marathon, as the later retains 100% of the bitcoin mined at the farm.
Shares of Marathon fell 2.5% to $2.36 on the Nasdaq Stock Exchange Tuesday.The stock is down from a 52-week high of $5.25.

But it has also dropped to a low of $0.35 over the same period.
What do you think about the Marathon-Beowulf deal? Let us know in the comments section below.
Use Bitcoin and Bitcoin Cash to play online casino games here .
Disclaimer : This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Interest in Bitcoin Soars in Egypt Amid Economic Crisis and Unemployment A growing number of Egyptians are reportedly turning to bitcoin amid rising unemployment and the economic crisis.An Egyptian bitcoin community is seeing a huge spike in the number of members interested in bitcoin mining and trading.Egyptians Increasingly Attracted …read more.

UK Bans Sale of Crypto Derivatives to Retail Investors from January 2021 The U.K.’s Financial Conduct Authority (FCA) has banned the sale of cryptocurrency derivatives products to retail investors in a move that it says will save the targeted customers £53 million ($68.9 million) in losses each year.The ban comes into …read more.Fed Chairman Claims ‘Now Is Not the Time’ to Worry About the Federal Budget According to the Federal Reserve Chairman, Jerome Powell, the road to economic recovery is far from over and the Covid-19 pandemic has fueled the tragedy.

During his speech at the National Association for Business Economics annual meeting, Powell highlighted that …read more.Japan’s Messaging Giant Line Introduces Crypto Lending Services Back in the summer of 2018, the Japanese messaging giant, Line Corp., launched a cryptocurrency exchange with over 30 digital assets.Now Line is introducing crypto lending services with five different crypto assets and a new lineup of decentralized applications …read more.

Immediate $1,200 Stimulus Checks: Trump Calls on Congress to Pass Stand-Alone Stimulus Bill Fast Congress has been urged to pass a stand-alone stimulus bill to immediately provide Americans with second stimulus checks of $1,200 after talks of approving a larger stimulus package of $2.2 trillion have stalled.New Stimulus Bill for $1,200 Direct Payments …read more.

China’s Digital Currency Has Been Used in 3 Million Transactions Worth Over a Billion Yuan So Far China’s central bank digital currency has been used in 3.13 million transactions worth about 1.1 billion yuan ($162 million) so far, the People’s Bank of China’s deputy governor has reportedly revealed.In addition, more than 122,000 digital wallets have been …read more.97% of People Consulted by UK Financial Regulator Opposed Crypto Derivatives Ban The Financial Conduct Authority (FCA) ban on crypto derivatives sales to retail investors has set tongues wagging.

It is no mystery.After a consultation process that closed Oct.3, 2019, with 97% of participants opposed to the prohibition, the U.K….

read more.Hacker from the 2016 Bitfinex Breach Transfers $21M Worth of Bitcoin to Unknown Wallets On Wednesday morning (ET), around 2,034 BTC ($21.6 million) from the 2016 Bitfinex hack moved into a few unknown wallets.The action was caught by the Btcparser program as five transactions with around 400 BTC each moved for the first …read more.

Market Update: Bitcoin Captures $11K, Flash Buy Signals, Bollinger Band Squeeze Cryptocurrency markets are seeing decent gains on Friday following the announcement Square made the day prior about purchasing $50 million worth of bitcoin for reserves.During the morning trading sessions, the overall market capitalization of all 7,000+ crypto assets is …

read more.Report: Bitcoin Surges With Rising Real Interest Rates and Economic Stimulus While Gold Performs Better With Rising Inflation A new report by Bitstamp and Bytetree says bitcoin responds better to the rising money supply, rising real interest rates and a strong economy.This is in contrast to gold which appears to perform better when real interest rates are …read more.Boringdao Raises $1.4M: Project’s Tokenized BTC Bridge Backed by 200% Collateral There’s a new tokenized bitcoin project coming to the decentralized finance (defi) ecosystem that’s recently received $1.4 million from blockchain investors.The project called Boringdao, a decentralized bridge between Ethereum and alternative blockchains, plans to launch the company’s bBTC tunnel …

read more.

US Government Moves to Regulate Cryptocurrencies After Attorney General Publishes Enforcement Framework United States Attorney General (AG) William Barr says the recent publishing of the Cryptocurrency Enforcement Framework will help law enforcement to fight elements using digital currencies for illicit ends.Produced by the AG’s Cyber-Digital Task Force, the framework provides law …read more.

Here Are the Top Public Companies That Have Adopted Bitcoin as a Reserve Asset When Microstrategy Inc.bought $425 million bitcoin in the last two months, the decision became an important stamp of institutional approval of the top crypto’s credentials as a mature, safe-haven asset.The American technology firm had just made bitcoin its …read more.

Andreessen Horowitz Publishes ‘Crypto Startup School’ Documentary The California-based private American venture capital firm, Andreessen Horowitz, has published a documentary called “Crypto Startup School.” The documentary is different from other blockchain films, as the 30-minute video shows some of the procedures leveraged while invoking a crypto-focused startup….read more.Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend.

Recipients can use their digital yuan at 3,389 stores next week.The city aims for the giveaway to boost usage of …read more.6 Stimulus Packages Have Been Proposed to Provide Second Direct Payments to Americans Six stimulus packages have been proposed to provide second stimulus checks for Americans.

The latest proposal came from the White House on Friday.Several stimulus bills are being discussed as Americans hope to soon receive another round of direct payments …read more.$12M in ‘Satoshi Era’ Bitcoins Move: 21 Block Rewards from 2010 Spent After a Decade of Slumber On early Sunday morning around 1:38:02 a.m.(New York time), approximately 20 blocks with coinbase rewards from 2010 were spent in one block.1,000 BTC was then consolidated into a single address before moving again.The massive movement of the …read more.

Kate Winslet to Star in Cryptocurrency Movie About Onecoin Ponzi Scheme A movie is being made about Onecoin’s cryptocurrency Ponzi scheme starring Oscar winner Kate Winslet.This Hollywood MGM movie is based on a true story told by a victim of the cryptocurrency fraud scheme.Onecoin Movie Starring Kate Winslet Oscar-winner …read more.Bitcoin for Spain’s Congress: BTC Sent to 350 Spanish Parliament Members Bitcoin has been sent to 350 deputies of the Spanish Congress as part of an educational initiative similar to the “Crypto for Congress” campaign that sent bitcoin to all Members of U.S.Congress.Bitcoin Sent to 350 Spanish Lawmakers All …read more.

Defi Community Members Aim to Sue Yearn Finance Creator Andre Cronje and Fork YFI Members of the decentralized finance (defi) community are upset with Yearn Finance founder Andre Cronje over the mishap with Cronje’s secret Eminence (EMN) project.The Eminence protocol gathered $15 million before the project was ultimately hacked before the official launch….read more.12 Defi Con Artists Exposed – Are Rug Pulling Incidents Threatening the Future of Defi? The ongoing hype about the abnormally high returns from Defi tokens has naturally seen many more investors moving funds to decentralized protocols.As of October 10, total value locked in Defi protocols was nearly $11 billion.However, despite this apparent …read more.

Crypto Cruise Ship ‘Satoshi’ to Make Panama Bay Home The Crypto Cruise Ship called Satoshi is gearing up to set sail from the Mediterranean to Panama, where it will drop anchor and call the bay its home.The ship has 777 cabins that will be auctioned off as condos.

…read more.

The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still Missing The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 bitcoin worth $4.8 billion is still missing.Just recently, a report focused on those funds discusses one of the market’s …read more.Ripple CEO Threatens to Relocate Company Overseas Due to Unfavorable US Regulation Ripple chief executive officer Brad Garlinghouse has threatened to move the company’s headquarters overseas should the U.S.

fail to level the playing field with an unambiguous regulatory framework.In a series of tweets on Oct.12, Garlinghouse said: “The lack of …

read more.Bank of England Moves Closer to Negative Interest Rates, Surveys Banks’ Readiness The Bank of England has moved closer to adopting a negative interest rate policy.The central bank has asked commercial banks in the provide details of how ready they are to deal with negative interest rates, asserting that …

read more.A System of Robot Drug Dealers on Telegram Allows People to Buy Illegal Products for Bitcoin There’s a new avenue darknet market (DNM) customers have found that allows them to purchase illegal wares 24 hours a day via a robot drug dealer hosted on Telegram.The platform dubbed ‘Televend,’ is an automated software program that peddles …

read more.The Latest.


Crypto 24 / 7 sources news from across the internet about various crypto currencies and reports the views to it user base. You can use this to make an informed decision when investing in your coin of preference

Leave a Reply