MARA (formerly Marathon Digital Holdings) has successfully expanded its gas flare powered data center capacity in North Dakota, effectively doubling its regional initiative in partnership with NGON.
MARA Holdings
Overview
MARA Holdings (NASDAQ: MARA), formerly Marathon Digital Holdings, is one of the largest publicly traded Bitcoin miners in North America and the holder of one of the largest corporate BTC treasuries. Founded in 2013 and headquartered in Fort Lauderdale, Florida, the company is led by CEO Fred Thiel. Operations span large-scale mining campuses in West Texas (Garden City, Granbury, Permian Basin), Kearney NE, Paraguay (Hernandarias), and Abu Dhabi.
Strategic pivot to digital energy (2026)
On the Q1 2026 earnings call (reported May 11, 2026), Thiel reframed MARA as a "digital energy" company rather than a Bitcoin miner, describing the quarter as "a redefining quarter, not an incremental one." Management's stated identity going forward: "MARA deploys digital energy technologies to advance the world's energy systems and transforms excess energy into digital capital."
The pivot is being executed across three vectors:
- AI/HPC compute. Closed acquisition of Exaion, a French AI/HPC operator spun out of EDF, giving MARA a sovereign-grade European compute footprint and customer relationships.
- Owned power generation. Announced a $1.5 billion acquisition of Long Ridge Energy Terminal in Hannibal, Ohio, comprising a 505 MW combined-cycle natural gas plant and ~1,600 acres of adjacent land zoned for AI/HPC and digital infrastructure development.
- Capital reallocation. Sold approximately 15,100 BTC for $1.1 billion to fund the pivot, and took $45.9 million in restructuring charges including a $41.8 million write-down on mining rigs being phased out.
Q1 2026 financials
- Revenue: $174.6 million, down 18% year over year, with substantially all revenue still from Bitcoin mining.
- Net loss: $1.26 billion, reflecting BTC mark-to-market and restructuring charges.
- Strategy: maintain mining cash flow short-term while preserving optionality to convert capacity to AI/HPC.
Capex direction
New capital is flowing to AI/HPC infrastructure and owned power generation (Exaion, Long Ridge), not to new mining hashrate. Mining continues at existing campuses as a near-term cash generator and as a flexible load that can be displaced by higher-value compute as AI tenant demand materializes.
MARA Holdings Data Center Map
MARA Holdings is planning a data center development at the Long Ridge site in Hannibal, Ohio, following its acquisition of the facility for approximately $1.5 billion.
In 2023, Marathon Digital Holdings (MARA) acquired both the Kearney, NE and Granbury, TX sites from Generate Capital.
Marathon Digital Holdings and Zero Two, an emerging blockchain and digital assets infrastructure development company, established two large-scale Immersion Bitcoin Mining Facilities in Abu Dhabi.
Marathon Digital Holdings and Zero Two, an emerging blockchain and digital assets infrastructure development company, established two large-scale Immersion Bitcoin Mining Facilities in Abu Dhabi.
Marathon Digital operates a Bitcoin-mining facility located next to the Itaipu Dam and powered 100% by renewable hydroelectric energy.
The Bitcoin mining data center in Garden City, Texas is located adjacent to a wind farm and uses predominantly renewable energy. It was constructed and energized in 2023 and supports a workforce of approximately 25 employees.
Marathon Digital has acquired Hut 8's bitcoin mining sites in Granbury, Texas and Kearney, Nebraska. Marathon Digital's Granbury facility has a capacity of 300MW.
MARA Holdings Data Center Photos (See all)
Crypto mining data center in Kearney's tech park
Source: Baxtel
2019 Groundbreaking for Compute in Kearney, NE
Source: NPPD
Compute North’s groundbreaking took place on August 14th at their new location in Kearney, Nebraska. Pictured above are executives from Compute North, Lt. Governor Mike Foley, Kearney Mayor Stan Clouse, and other community representatives along with NPPD Board Member Melissa Freeland and NPPD personnel.
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