Marathon’s BTC mining is heating an entire town in Finland

cyptouser4 months agoCryptocurrencies News58
55966e89>

Bitcoin mining is warming an entire town in Finland thanks to a new project by the world’s largest Bitcoin mining company.

Marathon Digital Holdings has launched a pilot project that uses the recycled heat from Bitcoin (BTC) mining to warm the houses of over 11,000 residents.

The 2-megawatt pilot project, located in the Satakunte region, was announced in a June 20 X post:

“In Finland, we launched a 2-megawatt pilot project to warm a community of 11,000 residents with recycled heat from digital asset computing.”
Finland BTC mining pilot project. Source: Marathon Digital

The Finland-based facility marks Marathon’s first district heating-based pilot project in the Euro area.

Related: Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners

Bitcoin mining: the future’s renewable source of heating?

Marathon’s new facility uses a method called ‘district heating’ which centrally heats the water and distributes it through an underground network of pipes to heat houses.

This could prove to be a future-proof method for heating homes since Bitcoin mining rigs produce a significant amount of excess heat.

Marathon is the world’s largest Bitcoin mining firm worth over $5.84 billion, which is 33% more compared to the second-largest company, CleanSpark’s $4.36 billion market capitalization, according to CompaniesMarketCap data.

Top 10 BTC mining firms. Source: CompaniesMarketCap

On a smaller scale, some companies are already working on Bitcoin mining-based local heating units for homes. Some of the most popular solutions include Heatbit, which is marketed as a “plug-and-play” heating and air purifying machine, that mines Bitcoin at 10 TH/s.

BTC heater. Source: Heatbit

Related: Kraken recovers $3 million from CertiK, ending bug bounty saga

Is heating the new revenue stream for BTC miners?

Bitcoin miners are looking for ways to increase their revenue after the 2024 Bitcoin halving cut block rewards from 6.25 BTC to 3.125 BTC.

Marathon has long been exploring other ways to monetize the heat generated from its Bitcoin mining facilities and data centers, the video announcement explained:

“This pilot project represents an innovative test in Marathon’s pursuit towards developing new revenue streams and strategic approaches to achieving zero-cost power for digital asset computing while offering new solutions to the world’s energy transformation.”

Selling the excess heat from Bitcoin mining could come as a significant financial lifeline for Marathon, which already operates over 11 mining sites worldwide, and controls 4.8% of the Bitcoin network’s hashrate, according to its homepage.

Marathon total sites and miners. Source: Mara.com

Cointelegraph has approached Marathon Digital for comment.

Magazine: Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Korean won becomes world’s most traded fiat for crypto traders: Report

Korean won becomes world’s most traded fiat for crypto traders: Report

1205f261˃The South Korean won became the world’s most-traded fiat currency against cryptocurrencies...

OpenAI hit with privacy complaint in Austria, potential EU law breach

55966e89˃The prominent artificial intelligence (AI) developer OpenAI has been placed at the center o...

Crypto Biz: The Bitcoin summer, Avalanche integrates with Stripe, and more

Crypto Biz: The Bitcoin summer, Avalanche integrates with Stripe, and more

55966e89˃While developers have long focused on the Ethereum network, the Bitcoin ecosystem is making...

US Treasury to increase focus on combatting illicit financial activity via crypto, emerging tech

The US Treasury Department intends to place a significant emphasis on addressing the risks posed by...

Filecoin Foundation launches Chinese legal inquiry into STFIL incident

Filecoin Foundation launches Chinese legal inquiry into STFIL incident

1205f261˃Filecoin Foundation, a nonprofit that promotes the development of Web3 storage protocol Fil...

AI-powered NPCs could live forever and exist in multiple games — Yat Siu

AI-powered NPCs could live forever and exist in multiple games — Yat Siu

Nonplayer characters in games, known as “NPCs,” could one day be completely powered by artificial in...