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Marathon ousts Hut8, taking direct control of new Bitcoin mining sites

Updated: Feb 14

Marathon Digital Holdings (MARA) is taking control of its destiny! They've reached an agreement to ditch Hut8 Mining Corp. (HUT) as the operator of their recently acquired Bitcoin mining sites in Texas and Nebraska.

MARA Mining

What's the move? By April 30, 2024, Marathon will transition operational responsibilities to its own team, aiming to:

  • Cut costs: Operating directly eliminates third-party fees, lowering their Bitcoin production cost.

  • Energy savvy: Gaining direct control allows for better participation in energy hedging and management.

  • Tech boost: Streamlining implementation of their own technology for potential efficiency gains.

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Why the change? Marathon believes they have the expertise to maximize the potential of these new assets. Their successful track record in Abu Dhabi and recent improvements at their King Mountain site in Texas give them confidence.

What's next? Once the transition is complete, Marathon will be the sole owner and operator of 390 megawatts of mining capacity across these two states, further solidifying their position in the industry.

Here's the bottom line: This move signals Marathon's commitment to optimizing their operations and maximizing profitability. It could be a positive step for their future, but only time will tell if they can successfully execute their plan.

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