Marathon Digital Holdings, the world’s largest Bitcoin mining company, has initiated an innovative project that is warming an entire town in Finland. The company has launched a pilot program that utilizes the recycled heat generated from Bitcoin mining to provide warmth to more than 11,000 residents.
This pioneering 2-megawatt project, located in the Satakunte region, marks Marathon’s first venture into district heating-based initiatives in the Euro area. The company’s facility employs a method known as “district heating,” which involves centrally heating water and distributing it through an underground network of pipes to heat homes. This approach is particularly promising since Bitcoin mining rigs produce a significant amount of excess heat, making it a potentially sustainable method for residential heating.
Marathon Digital Holdings, valued at over $5.84 billion, is the leading Bitcoin mining firm globally, surpassing its closest competitor, CleanSpark, with a market capitalization of $4.36 billion, according to data from CompaniesMarketCap.
On a smaller scale, some companies are already exploring the use of Bitcoin mining for local heating units in homes. One notable example is Heatbit, a “plug-and-play” heating and air purifying machine that mines Bitcoin at a rate of 10 TH/s.
Bitcoin miners are actively seeking new revenue streams following the 2024 Bitcoin halving, which reduced block rewards from 6.25 BTC to 3.125 BTC. Marathon Digital Holdings has been exploring various ways to monetize the heat generated by its Bitcoin mining facilities and data centers. The company’s objective is to sell the excess heat, which could serve as a significant financial lifeline. Currently, Marathon operates over 11 mining sites worldwide and controls 4.8% of the Bitcoin network’s hashrate.
Cointelegraph has reached out to Marathon Digital Holdings for further comment on this groundbreaking project.