MARA Acquires Texas Wind Farm to Reduce Grid Dependency

AI Bitcoin Bitcoin Mining

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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December 3, 2024

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Bitcoin miner MARA has acquired a 114-megawatt wind farm in North Texas to power its mining operations.

According to a recent filing with the U.S. Federal Energy Regulatory Commission, the wind farm, located in Hansford County, will operate intermittently, mining Bitcoin only when wind power is available.

MARA to Eliminate Dependence on Grid

MARA Holdings acquired the wind farm from a joint venture between National Grid Plc and the Washington State Investment Board, according to the filing. The financial terms of the transaction were not disclosed.

The facility’s 114-megawatt capacity will be utilized exclusively for Bitcoin mining when wind power is available, with operations paused during periods of low wind generation.

This model minimizes dependency on the electrical grid and uses renewable energy.

Fred Thiel, MARA’s Chairman and CEO, stated that the wind farm would likely operate about 30% of the time, aligning with wind availability.

The mining operation will use older-generation equipment that would otherwise have been retired.

“We can move the market to where the electrons are, as opposed to moving the electrons to where the market is,” said Thiel in an interview. “We eliminate the dependence on the grid.”

The transaction is expected to close in the first quarter of 2025, with MARA considering additional investments in renewable energy facilities in the future.

Energy Competition with AI Data Centers

MARA’s decision came amid growing competition for energy resources, as artificial intelligence operations increasingly demand substantial electricity supplies, leaving Bitcoin miners to seek alternative energy sources like wind and solar.

“Bitcoin miners are being forced to go look at marginal generation,” stated Thiel. “The AI guys can afford to pay a much higher amount for energy than a Bitcoin miner.”

Thiel also suggested that the company could continue to explore future acquisitions of wind energy assets.