Hut 8 receives $13.5m from Marathon Digital to operate two Bitcoin mining sites.

Marathon Digital and Hut 8 have reached an agreement for Marathon to take control of Bitcoin mining sites in Granbury, Texas, and Kearney, Neb. The transition is set to be completed by April 30, following Marathon’s acquisition of the sites for $178.6 million in January. Hut 8 had been managing operations under a contract inherited from a previous merger, valued at $1.2 million per month. The move is aimed at improving Marathon’s operational efficiency and cost-effectiveness in Bitcoin mining at these locations. Marathon Digital CEO Fred Thiel expressed optimism about the company’s ability to fully recognize the benefits of owning these assets through its expertise. The agreement represents a significant step for both companies in optimizing their operations and strategic positioning in the crypto mining sector. However, concerns have been raised by Granbury residents regarding noise pollution caused by mining activities, highlighting the community impact of such operations. Hut 8 President Asher Genoot commended the dedication of the teams at both sites and expects a smooth handover. Despite stepping down as the operator, Hut 8 will continue to provide managed services and engage in self-mining activities.