Marathon Digital Holdings, the world’s largest Bitcoin mining company, has started a new project that will warm an entire town in Finland.
The pilot project utilizes the recycled heat generated from Bitcoin mining to provide heating for over 11,000 residents, the company said in a recent post on X.
Per the post, Marathon has launched a 2-megawatt pilot project in the Satakunta region of Finland.
The project aims to warm the community using the heat generated from digital asset computing, marking Marathon’s first district heating-based pilot project in the Euro area.
Marathon’s Project Uses District Heating
The facility in Finland employs a method known as “district heating,” where water is centrally heated and distributed through an underground network of pipes to warm houses.
The approach capitalizes on the excess heat produced by Bitcoin mining rigs, making it an innovative and potentially future-proof solution for residential heating.
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
Marathon Digital Holdings, with a market capitalization of over $5.84 billion, is the leading player in the Bitcoin mining industry.
Its market value is 33% higher than that of the second-largest company, CleanSpark, which has a market capitalization of $4.36 billion, according to CompaniesMarketCap data.
While Marathon’s project warms an entire town, other companies are also exploring Bitcoin mining-based heating solutions on a smaller scale.
One such example is Heatbit, a “plug-and-play” heating and air purifying machine that mines Bitcoin at a rate of 10 TH/s.
In April, Hashlabs Mining, a Bitcoin mining infrastructure firm, also launched a project that allows heat to be generated using specially designed Bitcoin mining devices.
The project exploits hydro-cooled WhatsMiner M63S, an ASIC mining device, which produces hot water at ~70°C in the cooling process.
Bitcoin Miners Look for New Revenue Streams
Bitcoin miners are seeking ways to augment their revenue following the 2024 Bitcoin halving, which reduced block rewards from 6.25 BTC to 3.125 BTC.
Marathon Digital Holdings has been actively exploring ways to monetize the excess heat generated by its Bitcoin mining facilities and data centers.
The company aims to develop new revenue streams and strategic approaches to achieve zero-cost power for digital asset computing while contributing to the global energy transformation.
The sale of excess heat from Bitcoin mining could provide substantial financial benefits for Marathon.
With more than 11 mining sites worldwide and a 4.8% share of the Bitcoin network’s hashrate, according to the company’s homepage, Marathon is well-positioned to capitalize on the potential of utilizing Bitcoin mining heat for practical purposes.
Last week, Bitcoin mining stocks experienced significant gains following a promise by United States presidential candidate Donald Trump to boost mining operations within the country.
At the time, Trump expressed his desire for all remaining Bitcoin to be produced in the United States, emphasizing the potential for the country to become energy dominant.
This statement came shortly after a meeting between Trump and top executives from the Bitcoin industry.
During the meeting, Trump reportedly assured the industry leaders of his support if he were to be elected as president in November.