Nasdaq-listed Marathon Patent Group has agreed to a joint venture deal with U.S. independent power producer Beowulf Energy to deliver cheap electricity for its bitcoin mining operations in the country’s north.
In a statement on Tuesday, Marathon said that it will co-locate a bitcoin mining facility within Beowulf’s Big Horn Data Hub at its 105-megawatt power station in Hardin, Montana.
The company will pay Beowulf – which builds and operate electric power plants – $0.028 per kilowatt-hour (kWh) for the supply of electricity at the facility. This is 38% below Marathon’s aggregate electricity cost for mining and data center management, currently at $0.034/kWh.
Marathon said reduced power costs will also lower its breakeven costs to mine one bitcoin from the existing $7,500 to $4,600.
Big Horn Data Hub also known as the Hardin Generating Station in Montana.
According to the statement, Marathon will install 11,500 S19 Pro Antminers it recently acquired