Marathon Digital, a leading BTC mining company, has embarked on an innovative pilot mining initiative in Utah, utilizing methane gas derived from landfill waste to power their mining operations. The company’s partnership with renewable energy asset company Nodal Power has resulted in the launch of a 280 kilowatt mining project that exclusively relies on methane gas as its energy source.
Methane Gas Powers Bitcoin Mining
This groundbreaking project is part of Marathon Digital’s wider commitment to investigate capturing landfill-emitted methane, converting it into electricity, and utilizing that electricity to fuel Bitcoin miners. In a press release, Marathon Chairman and CEO Fred Thiel highlighted the significant benefits that arise from harnessing methane, an environmentally harmful gas.
“At Marathon, we are continuously exploring innovative methods to diversify our operations, reduce energy costs, and utilize the unique characteristics of Bitcoin mining to enhance the environments in which we operate,” said Thiel.
If the pilot project proves successful, Marathon Digital plans to expand its presence in this field and support landfill operators in achieving their environmental objectives.
Tackling Methane Gas Emissions
Methane gas is known to be approximately 80 times more detrimental than carbon dioxide, and its adverse effects persist for more than two decades after its release into the atmosphere, as reported by the United Nations Environment Programme. According to data from the Environmental Protection Agency, landfill emissions account for nearly 15% of all methane emissions in the United States in 2021.
“The methane naturally produced from landfills, biowaste, and other sources often goes to waste. Bitcoin miners, like Marathon, are uniquely positioned to convert this harmful gas into a valuable source of clean, renewable energy,” concluded Thiel.
Mining companies have previously explored alternative sources of electricity to address the high costs associated with mining operations and reduce greenhouse gas emissions. Crusoe Energy, a BTC miner, raised $350 million last year to establish remote facilities that utilize otherwise wasted natural gas to power mining activities. Renewable energy company Vespene Energy also secured a $4.3 million capital round to convert landfill methane into Bitcoin.
In line with its expansion plans, Marathon Digital recently disclosed its intention to raise up to $750 million through a hybrid equity offering. The funds will be allocated towards investing in new mining equipment and expanding operational capacity, as detailed in a FORM S-3 filing with the U.S. Securities and Exchange Commission.
