MARA Expands Capacity in Ohio with Strategic Acquisitions and Developments

MARA Holdings, Inc. (NASDAQ: MARA), a leader in digital asset compute, has announced a substantial expansion of its operations in Ohio, aiming to enhance its energy transformation capabilities. According to MARA, the company has added approximately 372 megawatts of compute capacity across three sites, including two acquired data centers and a new greenfield development.

Strategic Acquisitions and Developments

The expansion includes the acquisition of operational data centers in Hannibal and Hopedale, Ohio, which together contribute 222 megawatts of interconnect-approved capacity. These centers have an existing capacity of 122 megawatts, with potential for an additional 100 megawatts. Furthermore, MARA is developing a 150-megawatt greenfield data center in Findlay, Ohio, which currently holds 30 megawatts of capacity.

Salman Khan, MARA's Chief Financial Officer, highlighted the cost-efficiency of these acquisitions, noting that the assets were acquired for approximately $270,000 per megawatt. This cost is one of the lowest among larger public peers, reflecting MARA's strategic acumen in securing valuable assets.

Operational Impact and Future Plans

Fred Thiel, MARA's Chairman and CEO, emphasized the strategic benefits of these expansions, which bolster the company's flexibility and resilience within the PJM Interconnection, a major independent system operator. The diversification across multiple jurisdictions ensures no single operator controls more than 50% of MARA's capacity, thus enhancing operational security.

By the end of 2025, MARA plans to fully energize these sites, aligning with its goal of achieving 50 EH/s by the end of 2024. The company anticipates significant cost savings and operational efficiencies, particularly in the Hopedale center, where costs could be reduced by up to 50%.

Broader Market Implications

Throughout 2024, MARA has secured nearly 1 gigawatt of nameplate capacity, elevating its total to just under 1.5 gigawatts. This expansion positions MARA as a formidable player in the energy sector, leveraging underutilized energy sources for economic value creation.

MARA's strategic initiatives underscore its commitment to becoming one of the most cost-efficient operators in the digital asset compute space. The company's focus on expanding its portfolio and enhancing operational control is expected to yield long-term benefits.