MARA adds 372 megawatts of capacity in Ohio

MARA announced the addition of approximately 372 megawatts of owned and operated compute capacity across three sites in Ohio. These additions include the acquisition of two data centers offering a combined 222 megawatts of interconnect-approved capacity and the development of a third, greenfield data center, which is expected to add 150 megawatts of compute capacity upon completion. On November 5, 2024, MARA acquired the two operational data centers in Hannibal and Hopedale, Ohio, with 222 megawatts of interconnect-approved capacity. These sites have 122 megawatts of capacity and interconnection approval to expand by another 100 megawatts. Simultaneously, MARA has begun developing a 150-megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity. These three facilities have a combined interconnect-approved capacity of 372 megawatts, which MARA intends to fully energize by the end of 2025. Compute for these sites is purchased, secured, and ready for deployment, and the Company believes these sites will accelerate MARA’s achievement of its 2024 target of 50 EH/s. “Through MARA’s proven discipline and data center expertise, we acquired these assets at a multiple of approximately $270,000 per megawatt, based on approved capacity and after customary adjustments,” said Salman Khan, CFO. “This is one of the lowest disclosed multiples amongst our larger publicly traded peers and demonstrates our unmatched ability to deliver accretive acquisitions. Furthermore, these data centers will increase our total owned and operated compute capacity by over 70 percent. Owning the sites will provide us with greater operational control and could further reduce our operating costs at the Hopedale data center-previously hosted by the former owner-by up to 50 percent. Much of the future capacity is alongside operating generation, providing opportunities for cost reduction, power redundancy, and development optionality.”