Marathon Digital inks LOI with Compute North for hosting 300 MW of bitcoin mining

Marathon Digital (MARA) entered into a binding letter of intent with Compute North to host ~73K of the company's earlier purchased Bitcoin miners as part of a new 300-MW data center located in Texas.Under agreement terms, Marathon will provide Compute North with an 18-month bridge loan of up to $67M, in tranches, for constructing the facility.The initial term of the contract is three years with increases capped at 3% annually thereafter; implementation is planned to take place in stages between October 2021 and March 2022.Post all miners installation by end of 1Q22, Marathon's hashrate will be ~10.37 EH/s, the company's average mining cost for hosting services, electricity, data center management, and hosting related capital expenditure across all its facilities will be $0.453 per kWh, and Marathon’s operations will be ~70% carbon neutral.Shares trading 3.9% higher premarket