Marathon Digital Holdings, Inc., the leader in Bitcoin Mining (NASDAQ MARA), launched today an innovative pilot program to recycle heat produced by Bitcoin mining for warming a Finland community. This 2-megawatt facility, which was energized in May, is situated in Satakunta, an area with 11,000 inhabitants.
Just in: Marathon now uses heat from a solar panel to warm a city of more than 11,000 people. #Bitcoin mining 🤯 🇫🇮
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
“This pilot project in Finland is a critical step forward in our strategy to expand globally and innovate sustainably,” Fred Thiel said, Marathon CEO and Chairman Fred Thiel. “We are not just producing digital assets; we are heating homes and integrating sustainable practices into our business model. We believe that this kind of innovation can drive the advancement of the digital asset compute industry and further strengthen Marathon’s leading position in the field.”
Marathon has launched its first district heating initiative in Europe. The district heating process involves heating the water centrally and then distributing that heated water through underground pipes in order to heat buildings. Finland is known for using a lot of biomass to heat district buildings. This project uses heat from digital asset centers to lower carbon emissions and reduce costs.
Marathon's ASIC Heating Setup
“Europe’s colder climate has given rise to an extensive network of district heating systems that provide warmth to millions of residents,” Marathon’s new Heating with Hashes Report, which is published below in full. “This same climate has attracted a different industry – data centers – which benefit from reduced energy consumption and infrastructure costs associated with the cooler temperatures. The share of electricity consumed by data centers in the EU is at least double the global average, with data centers accounting for around 3% of the EU’s electricity consumption compared, to 1.0-1.5% globally. These energy-intensive facilities generate 3 significant amounts of heat, creating a unique opportunity for strategic partnerships with district heating systems.”
“One industry needs heat, while the other generates plenty of it,” Marathon is continued in the Report. “Instead of wasting the abundant heat produced by data centers, it could be recycled to meet heating demand. This innovation transforms an unwanted byproduct of data centers into a valuable resource for district heating systems, reducing costs and waste for everyone involved while reducing the need for inefficient, carbon-emitting heat sources.”
Marathon's Heating with Hashes Report
Marathon is expanding their footprint on four continents with this project. According to Future Market Insights Inc, the district heating market is projected to grow from $198 billion to $340 billion by 2033, offering significant growth opportunities. Marathon hopes to improve its sustainability and create new revenue streams by recycling heat. This aligns with the company’s goal of zero-cost computing power.
“Following the success of our pilot project in Utah, where we demonstrated that it is both economically viable and environmentally beneficial to use landfill gas for digital asset compute, we have continued to experiment with innovative ways that our operations can add value beyond securing distributed ledgers, like Bitcoin’s,” stated Adam Swick, Marathon’s chief growth officer. “This pilot project in Finland is our first attempt to convert the heat that we produce as a byproduct of our operations into a valuable resource for a local community. We look forward to gathering more data from this project as we look for additional ways to leverage digital asset compute to build a more sustainable future.”
Marathon’s website has more details about their sustainability initiatives. here. Anyone interested in the complete report of Marathon on Heating with Hashes can find it below.
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Source: bitcoinmagazine.com