A bitcoin mining behemoth makes buy to get even bigger

Marathon Digital expects to add 390 megawatts to its bitcoin mining capacity via an acquisition that could spur the doubling of its hash rate in the next couple years.

The Florida-based miner is buying two bitcoin mining facilities — in Granbury, Texas and Kearney, NE — from Generate Capital affiliates for $178.6 million in cash, the company said in a Tuesday news release. 

The move is set to give Marathon Digital — whose mining capacity is now mostly hosted by third-parties — its first fully-owned sites. Just 3% of the company’s 584 megawatts of capacity are housed in sites that it owns and operates. That will change to 45% after the deal closes. 

In addition to expanding…

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