Marathon Digital Explained

Marathon Digital Holdings, Inc.
Type:Public
Key People:Fred Thiel (CEO)
Num Employees: (July 2024)
Revenue: (2023)
Assets: (2023)
Footnotes:[1]

Marathon Digital Holdings, Inc. is an American digital asset technology company, which engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. The company was founded on February 23, 2010 and is headquartered in Fort Lauderdale, Florida. The company was formerly known as Marathon Patent Group and was the patent holding company that is the parent of Uniloc, allegedly a patent troll company.[2] [3] Marathon purchased patents related to encryption in the 2010s[4] and in 2021 it was known for its purchases of bitcoin[5] and bitcoin mining equipment[6] and a joint venture to use 37 MW from the Hardin Generating Station Montana coal plant to power an adjacently-constructed Marathon bitcoin data center.[7]

The company changed its name to Marathon Digital Holdings, effective March 1, 2021. Its chief executive officer is Fred Thiel.[8]

In December 2023, Marathon Digital acquired two currently operational Bitcoin mining sites from subsidiaries of Generate Capital for $178.6 million.[9]

Controversy

In July 2024, Time magazine published an investigation into numerous noise and health complaints by residents of Granbury, Texas, many of whom attributed their ailments to a nearby Bitcoin mining facility owned and operated by Marathon Digital.[10]

See also

Notes and References

  1. 2023 Annual Report (Form 10-K) . February 28, 2024 . U.S. Securities and Exchange Commission.
  2. Web site: Joe. Mullin . 2021-02-10. How one patent troll is desperately trying to stay in East Texas. 2017-06-06. Ars Technica.
  3. Web site: Brian. Crecente. 2021-02-10. Uniloc founder says he's not a 'patent troll', reacts to 'disgusting' 'Minecraft' fan emails. 2012-07-23. Polygon.
  4. Web site: Linecker . Adelia Cellini . September 1, 2022 . Marathon Digital Holdings Stock Struggles As Bitcoin Tumbles; Is MARA Stock A Buy Now? . Investor's Business Daily . 1061-2890.
  5. News: Noel. Randewich . 2021-02-10. Musk's bitcoin bet fuels gains in companies already invested. Reuters. 2021-02-10. www.reuters.com.
  6. Web site: 2021-02-10. Crush the Crypto Market with Marathon Patent Group. 2021-02-05.
  7. Web site: Bitcoin miner Marathon signs for coal-fired electricity in Montana. 2021-08-05. www.datacenterdynamics.com. en. Bitcoin mining company Marathon Patent Group has announced plans to build a specialized Bitcoin data center in Montana. The facility will use cheap coal-fired electricity, backed by utility Beowulf Energy, which will take a stake in Marathon. In the joint venture, Beowulf gets part-ownership of Marathon, but Marathon keeps the Bitcoin output from a data center that will use an estimated 37MW of power from Beowulf's 119MW Hardin Generating Station in Big Horn County, Montana. Marathon will pay $0.028/kWh for the energy, which is about a quarter of the average US domestic rate of around $0.11/kWh..
  8. News: Ostroff . Brian . Spegele . Caitlin . Bitcoin Miners Are Giving New Life to Old Fossil-Fuel Power Plants . 23 May 2021 . Wall Street Journal . 2021-05-21.
  9. 2023-12-19 . Marathon Digital Holdings Enters Definitive Agreement To Acquire Multiple Bitcoin Mining Sites for $179 Million . 2023-12-19 . Global Newswire. Yahoo Finance . en-US.
  10. Web site: Chow . Andrew R. . 2024-07-08 . ‘We’re Living in a Nightmare:’ Inside the Health Crisis of a Texas Bitcoin Town . live . https://web.archive.org/web/20240709002539/https://time.com/6982015/bitcoin-mining-texas-health/ . 2024-07-09 . 2024-07-09 . . en.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Marathon Digital".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.