MARA Adds 372 Megawatts of Capacity in Ohio, with 152 Megawatts Operational and 220 Megawatts in Development
- Acquisition of two sites totaling 222 megawatts of capacity for $270/kW
- $270/kW acquisition multiple is one of lowest amongst larger public peers
- Greenfield development of a 150-megawatt site, to be gradually energized by year-end 2025
- Compute is fully secured for operational capacity along with a majority of anticipated growth capacity
Fort Lauderdale, FL, Nov. 11, 2024 (GLOBE NEWSWIRE) -- MARA (NASDAQ: MARA) ("MARA" or the "Company"), a global leader in leveraging digital asset compute to support the energy transformation, today announced the addition of approximately 372 megawatts of owned and operated compute capacity across three sites in Ohio. These additions include the acquisition of two data centers offering a combined 222 megawatts of interconnect-approved capacity and the development of a third, greenfield data center, which is expected to add 150 megawatts of compute capacity upon completion.
On November 5, 2024, MARA acquired the two operational data centers in Hannibal and Hopedale, Ohio, with 222 megawatts of interconnect-approved capacity. These sites have 122 megawatts of capacity and interconnection approval to expand by another 100 megawatts. Simultaneously, MARA has begun developing a 150-megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity. These three facilities have a combined interconnect-approved capacity of 372 megawatts, which MARA intends to fully energize by the end of 2025. Compute for these sites is purchased, secured, and ready for deployment, and the Company believes these sites will accelerate MARA’s achievement of its 2024 target of 50 EH/s.
“Through MARA’s proven discipline and data center expertise, we acquired these assets at a multiple of approximately $270,000 per megawatt, based on approved capacity and after customary adjustments,” said Salman Khan, MARA’s Chief Financial Officer. “This is one of the lowest disclosed multiples amongst our larger publicly traded peers and demonstrates our unmatched ability to deliver accretive acquisitions. Furthermore, these data centers will increase our total owned and operated compute capacity by over 70 percent. Owning the sites will provide us with greater operational control and could further reduce our operating costs at the Hopedale data center—previously hosted by the former owner—by up to 50 percent. Much of the future capacity is alongside operating generation, providing opportunities for cost reduction, power redundancy, and development optionality.”
Fred Thiel, MARA’s Chairman and CEO, added, “Beyond the financial advantages, these data centers contribute to the resilience of MARA’s flexible compute portfolio. This initiative increases MARA’s exposure to PJM, one of the largest and most sophisticated independent system operators (ISOs). Once energized, our data centers will be further diversified across multiple jurisdictions and independent system operators, ensuring that no single ISO contains more than 50 percent of our owned and operated capacity. We intend to further expand and diversify our portfolio of owned and operated sites, which we expect to yield significant cost savings. These growth initiatives align with our strategic goal to position MARA as one of the most cost-efficient operators in the industry.”
Throughout 2024, MARA secured just under 1 gigawatt of nameplate capacity through acquisitions and greenfield site developments. As a result of this strategic expansion, the Company's total nameplate capacity has increased to just under 1.5 gigawatts, with approximately 65 percent of this capacity proudly owned and operated by MARA.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to our goal to fully energize the acquired sites by the end of 2025, the development of a greenfield data center and potential cost savings. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.
About MARA
MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world's preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.
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MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: marathon@wachsman.com
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