Marathon Digital (NASDAQ:MARA) Holdings and Nodal Power have launched a unique bitcoin mining pilot project in Utah using landfill methane gas as the sole power source. This innovative project aims to harness the potential of landfill methane, a significant energy resource and a major contributor to U.S. methane emissions as identified by the Environmental Protection Agency (EPA).
The initiative underscores the growing trend within the cryptocurrency sector towards sustainable practices. It aligns with global sustainability goals and mirrors other green efforts in the industry, such as Genesis Digital Assets Limited and Marathon’s own 200MW immersion-cooled power plant in Abu Dhabi.
Fred Thiel, CEO of Marathon Digital Holdings, emphasized that bitcoin miners are uniquely positioned to convert this polluting gas into clean, renewable energy. The project also aims to help landfill operators meet their environmental goals by reducing greenhouse gases.
Despite hitting a mining milestone of 2,926 bitcoins in Q2 2023 and seeing revenues jump 228% to $132.8 million, Marathon’s earnings fell short of expectations. However, Thiel highlighted the project’s potential to reduce energy costs and diversify operations. The United Nations Environment Programme (UNEP) has found that the environmental impact of methane is significant for 20 years after release, further underscoring the importance of such initiatives in mitigating climate change.
