Nasdaq-listed company Marathon Patent Group is forming a new joint venture with a U.S. power provider that will bring a supply of cheap energy for its bitcoin mining operations.
- In an announcement Tuesday, Marathon said itÃ¢ÂÂs teamed up with Maryland-based Beowulf Energy for the venture. Beowulf develops and operates power generation and industrial infrastructure facilities internationally.
- The arrangement will see Marathon co-locate a bitcoin mining facility within BeowulfÃ¢ÂÂs Big Horn Data Hub at its 105-megawatt power station in Hardin, Montana.
- Beowulf will supply electricity for the mining farm at a production cost of $0.028 per kWh, according to the announcement.
- ThatÃ¢ÂÂs 38% below MarathonÃ¢ÂÂs current aggregate power cost for mining and facility operations, $0.034 per kWh.
- The company says this, in turn, will cut its breakeven costs to mine one bitcoin from approximately $7,500 currently to $4,600.
- Under the deal, Beowulf is also becoming an equity shareholder in Marathon, while