Marathon Digital Explores Bitcoin Mining Opportunities in Africa

According to Blockworks, Marathon Digital, North America's largest public crypto miner, is considering expanding its operations to Africa. The Florida-based company has already expanded to the United Arab Emirates and Paraguay in recent months. Charlie Schumacher, vice president of corporate communications at Marathon Digital, said that the company believes bitcoin mining could be a technology solution for the energy sector, and Africa may be an ideal location to prove this thesis. Ethiopia has recently seen an influx of miners as companies search for low-cost energy and favorable climate conditions. Chinese companies, for example, have moved their operations to Ethiopia after a crypto mining ban in China in 2021. Schumacher explained that certain African countries have stranded or underutilized power sources, and attaching bitcoin miners to these sources could increase their profitability and ensure they stay online for those who need them. He also noted that bitcoin miners could incentivize the buildout of more power infrastructure across the continent by serving as the first customer for new power projects. Marathon Digital, which has US operations in Texas, Nebraska, and North Dakota, increased its hash rate in January to 26.4 exahashes per second (EH/s), a 7% month-over-month increase. Meanwhile, some of Marathon's competitors, such as Core Scientific and Riot Platforms, are focusing on domestic expansion within the United States.