- The company aims to confirm the benefits of capturing methane from storage areas to power its Bitcoin (BTC) mining device fleet.
- Marathon has emphasized issues related to municipal solid waste emissions, drawing attention to the perspectives of the United States Environmental Protection Agency (EPA).
- This partnership comes after reports that the company aims to raise up to $750 million through various equity offerings to increase its Bitcoin assets.
Marathon Digital, listed on Nasdaq with the symbol MARA, wants to strengthen its new project with the new partnership it announced: Details of the partnership!
Marathon Digital Announces a New Energy Partner
Marathon Digital, listed on Nasdaq under the symbol MARA, has announced a new partnership with Nodal Power. Nodal Power is a renowned company in asset development and operation in the renewable energy sector, with a focus on biogas. The firm that converts gas into Bitcoin raised $13 million in a seed round supported by strategic investors.
As announced on Thursday, the pilot project with Nodal Power is part of Marathon’s broader initiative. The company aims to confirm the benefits of capturing methane from storage areas to power its Bitcoin (BTC) mining device fleet. The press release cites the United Nations Environment Programme (UNEP), detailing that methane is 80 times more harmful than CO2.
Additionally, Marathon has emphasized issues related to municipal solid waste emissions, drawing attention to the perspectives of the United States Environmental Protection Agency (EPA). The statement notes that storage areas contributed to over 14% of the total methane emissions in the United States in 2021. Using biogas as energy to power Bitcoin mining operations reduces emissions and mitigates the risks associated with methane. Fred Thiel, CEO of Marathon, stated:
“At Marathon, we are continually looking for innovative ways to diversify our operations, reduce our energy costs, and make our environment better using the unique aspects of Bitcoin mining.”
Marathon Had Previously Announced Plans to Raise Funds
This partnership with Nodal Power comes after reports that the company aims to raise up to $750 million through various equity offerings to increase its Bitcoin assets. The news was reported by COINOTAG on October 26, detailing the company’s plan to periodically share its securities sales plan with the SEC.
On Thursday, MARA shares rose by over 5% against the US dollar and gained more than 13.67% in the last 30 days. MARA has risen by over 163% against the dollar since the beginning of the year. However, six-month market statistics show that MARA has slightly declined by over 9% since the first week of May 2023.
