Marathon Digital has initiated the process of extracting Bitcoin (BTCUSD) through the utilization of methane gas derived from a landfill as a power source. This off-grid pilot project, with a capacity of 280 kilowatts, is currently operational in Utah.
Marathon has partnered with Nodal Power for this venture. Nodal Power, established in November 2022, focuses on harnessing energy from landfill gas in the southeastern United States and Texas. It successfully raised $13 million in seed funding in August, intended for the operation of two sites, one of which includes a data center.
In a statement, Marathon expressed that this project is part of a broader initiative by the company to demonstrate its capability to capture landfill-emitted methane, convert it into electricity, and employ this electricity to power Bitcoin mining operations. Marathon’s CEO, Fred Thiel, stated:
“If the outcomes of the pilot project align with our expectations, we are eager to expand our presence in this sector and assist landfill operators and others in achieving their environmental goals.”
In pursuit of more environmentally friendly energy sources, Bitcoin miners are actively exploring new solutions. For instance, Genesis Digital Assets Limited established an 8-megawatt facility in Sweden in August, powered by hydropower.
Marathon recently inaugurated a 200-megawatt immersion-cooled facility in Abu Dhabi’s sustainable Masdar City in late October. In the same month, they published a report that highlighted the feasibility and advantages of crypto mining at landfills for both miners and landfill operators, as well as its positive environmental impact. Methane, as per the United Nations, is considerably more environmentally harmful than carbon dioxide.
Despite mining a record-breaking 2,926 Bitcoins in the second quarter, Marathon reported Q2 earnings for the year falling short of expectations. Nevertheless, its Q2 revenue witnessed a substantial 228% year-on-year increase, reaching $132.8 million.