Commentary on Marathon Digital Holding's Q2'22 Earnings

Marathon Digital is a U.S.-based Bitcoin miner that purchases hardware miners and partners with 3rd party hosting providers to deploy their assets at renewable power sources. In Q2'21, Marathon adjusted its strategy around mining hardware investment as opposed to Bitcoin mining infrastructure (e.g., hosting centers & power facilities). Marathon's "asset light" business model is made possible through its partnerships with firms like Compute North which deploy Marathon's miners at locations with low cost and access to clean/renewable energy. 

Marathon operating locations include South Dakota, Nebraska, Montana and Texas. Their goal is to be 100% carbon neutral by the end of fiscal year 2022. In October 2020, Marathon entered into an agreement to build a Bitcoin mining facility next to a stranded power station in Hardin, MT. The facility houses ~30,000 Bitcoin miners. All Hardin, MT miners source power from the previously dormant power station owned by Beowulf Energy. In April 2022, Marathon announced it would be transitioning its miners from the Hardin plant to new locations with more sustainable power. At the moment, the Hardin plant draws its power from a coal-fired power plant.