Marathon Digital, in a push towards eco-friendly solutions, has initiated a Bitcoin mining project powered by methane gas harvested from a landfill. This off-grid venture, capable of producing 280-kW, is being tested in Utah.
The project was set in motion through a collaboration between Marathon and Nodal Power, a startup launched in November 2022. Nodal Power specializes in transforming landfill gas into usable energy across the southeastern US and Texas. Their prowess garnered them $13 million in a seed funding round in August, aiding their operation in two sites, inclusive of a data center.
Through this venture, Marathon aims to demonstrate its capacity to tap into the methane emissions from landfills, converting it to electricity and subsequently channeling it to power Bitcoin mining processes. Marathon’s CEO, Fred Thiel, shared his optimism about the pilot, stating that if it aligns with their aspirations, they could potentially escalate their operations in this domain. He further expressed the intention to assist landfill operators in achieving their eco-friendly goals.
This move comes at a time when Bitcoin miners are avidly hunting for sustainable energy alternatives. In parallel, Genesis Digital Assets Limited has already set the ball rolling by establishing an 8-MW facility in Sweden that capitalizes on hydropower.
Moreover, Marathon unveiled a 200-MW immersion-cooled facility in Abu Dhabi’s eco-centric Masdar City in October. Their report from the same month elucidated the feasibility and multifaceted benefits of cryptocurrency mining at landfill sites, not only for the miners and site owners but also for environmental welfare. This is particularly significant considering the UN’s data, which reveals methane’s substantially greater environmental threat compared to carbon dioxide.
However, on the financial front, Marathon’s Q2 report for the year presented a mixed picture. While they mined a record 2,926 Bitcoins, their earnings didn’t quite match up to the projected figures. Nonetheless, the company witnessed a whopping 228% annual surge in its Q2 revenue, reaching $132.8 million.