Top BTC mining firm Marathon Digital’s partnership deal with Compute North (its data center partner) has been extended. The data center will be used to run the operations of over 90K mining machines of the mining company. This new deal extends the previous deal in which the data center had earlier agreed to host the mining company’s 74K mining systems.
More Details Of This Deal
Compute North will provide data-centric services for Marathon’s mining operations. This partnership deal will enable Marathon Digital to prepare their miners to start operations almost immediately once they receive them from their supplier.
One critical aspect of this deal is how to power these Compute North facilities. 95% of the power source will be from renewable sources. Thus, the newly bought miners will enable Marathon to extend its hash power with sustainability as its main objective.
Deploying The Miners
The miners will be deployed in such a way that it won’t create any problem for various grid connections around the data centers. Speaking on the development, Marathon Digital boss, Fred Thiel, stated that “our partnership with Compute will enable our mining operations to become the largest, most effective and eco-friendly in the North American region.
Also, it is now easier for us to keep expanding since we are relying on one of the biggest providers of renewable energy across the continent.” The mining firm also revealed plans to buy more miners by selling senior convertible notes of $550m before the year ends.
Hainan Province Hikes Electricity Prices
Despite the Chinese federal authorities implementing a ‘total ban on all crypto-related activities’ policy, some smaller provinces are allowing crypto miners to operate but mandate them to pay exorbitant electricity rates. Celebrated Asian crypto journalist, Colin Wu, revealed that Hainan (a small Chinese province) now charges US$0.14 per kWh for crypto miners in its region.
This high electricity tariff is expected to drive the remaining crypto miners to other climes where crypto mining laws are less punitive. As previously reported in various media, the authorities had stated that any crypto miners that fail to leave the country would be made to pay outrageous electricity tariff rates.
As Chinese authorities continue their crackdown on private crypto mining companies, it has also started beaming its searchlight on its employees engaged in crypto mining activities. Each employee who accesses and utilizes government resources is being monitored to determine whether they are using them for crypto mining operations.
A Zhejiang province public notice states that “our province is implementing a ‘rectification action’ to prevent any citizen from utilizing government-provided resources for any crypto-related purposes, especially mining activities. Doing so will help the carbon-neutral objectives of the central authorities.”
Many nations continue to ban crypto-related operations, especially crypto mining operations, because of their high energy consumption and carbon emissions. However, some crypto miners are still operating illegally with security agencies continuing to uncover them from their hideouts, giving the authorities more genuine reasons not to reverse their ban decision.