Key Points
- Marathon is using Bitcoin mining to heat an entire town of over 11,000 residents in Finland.
- The 2-megawatt pilot project is located in Satakunte region.
According to the latest reports, Bitcoin mining’s use cases include warming an entire town in Finland.
Marathon Digital Holdings launched a polite project that uses recycled heat from Bitcoin mining to warm the homes of more than 11,000 residents.
In an official post on X, the team behind Marathon shared a video, explaining the new Bitcoin mining use case:
In Finland, we launched a 2-megawatt pilot project to warm a community of 11,000 residents with recycled heat from digital asset computing. Take a look: pic.twitter.com/eIIlncxD3I
— MARA (@MarathonDH) June 20, 2024
The facility based in Finland marks Marathon’s first district heating-based pilot project in the Euro area.
The new facility uses the “district heating” method
Marathon’s new facility is using the method called district heating which centrally heats water and distributes it via an underground network of pipes to heat the homes.
This could turn out to be a future-proof method of heating houses since Bitcoin mining rigs produce an important amount of excess heat.
Marathon is the world’s largest Bitcoin mining firm, worth more than $5.84 billion, according to CompaniesMarketCap data.
Bitcoin miners search for new ways to boost revenue
The crypto market is now going through a rare Bitcoin miner capitulation event that has been addressed by Bitcoin on-chain analyst Willy Woo at various times lately.
Today, he reiterated the prediction that Bitcoin’s price would see another significant surge only when weak miners are eliminated and the hash rate recovers.
According to the latest reports, Bitcoin reserves held by miners dropped to their lowest total in over 14 years, recent data reveals. However, the fiat volume of their reserves recently neared the ATH of $135 billion.
Now, Bitcoin miners are looking for innovative ways to increase their revenue which was slashed from 6.25 BTC to 3.125 BTC on this year’s Bitcoin halving event which took place on April 20.
Marathon has been exploring other ways to monetize the heat generated from the Bitcoin mining facilities and data centers, according to the video that the team shared on X.
Selling excess heat from Bitcoin mining could come as a new financial opportunity for Marathon which is currently operating 11 mining sites worldwide, according to their official data.
Marathon now controls 4.8% of the Bitcoin network’s hash rate.
Back in May, we revealed that Marathon entered into a partnership with the Ministry of Energy and Petroleum in Kenya. The collaboration focuses on the creation of several renewable energy projects.
