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BTC Bitcoin miner MARA Holdings shares rose about 15% in early trading on Thursday after the company announced plans to acquire a Texas power site with access to up to 2 gigawatts of electricity for artificial intelligence computing and Bitcoin mining.
The 1200-acre site is located in Matagoda Da County, about 90 miles southwest of Houston. It is expected that by October 2027, an initial 1 GW of grid access capacity will be provided, and by April 2028, the capacity will increase to 2 GW. MARA said it plans to develop the venue as a digital infrastructure park that supports both high-performance computing and Bitcoin mining.
When fully electrified, the venue is expected to more than double the Bitcoin mining company\'s potential power capacity to approximately 4.8 GW. According to the two companies, if MARA signs a lease agreement with the high-performance computing tenant, HIF USA will retain a minority stake in the project. The parties did not disclose the financial terms of the transaction.
MARA announced on the X platform that the project is still in the early development stage and requires regulatory approval, adding that construction will be carried out over multiple years.
In April this year, MARA announced that it would acquire Long Ridge Energy & Power in a deal of approximately $1.5 billion, thereby acquiring a 505-megawatt gas-fired power plant and a supporting data center in Ohio. Earlier this year, the company acquired a 64% stake in French computing infrastructure operator Exaion.
According to BitcoinTreasuries. NET, MARA is the fourth-largest publicly traded corporate bitcoin holder, holding 36,303 bitcoins.
Bitcoin miners are making big bets on AI data centers
As demand for data center capacity grows, Bitcoin miners are increasingly moving into artificial intelligence and high-performance computing. Rather than re-using mining hardware, these companies leverage existing power infrastructure built to support Bitcoin mining, including grid connections, substations and electrified sites.
However, transforming a mining site into a data center suitable for AI requires a large investment. CoinShares estimates that mining infrastructure typically costs $700,000 to $1 million per megawatt to build, while liquid-cooled AI infrastructure costs $8 million to $15 million per megawatt. At the same time, ultra-large customers have higher power density and uptime requirements than the design standards of many mining facilities.
Even so, in recent months, a number of publicly traded mining companies have announced multibillion-dollar AI infrastructure deals. Core Scientific expanded its hosting agreement with CoreWeave to more than $10 billion, while Hut8 signed a 15-year,$7 billion data center lease with Fluidstack. TeraWulf reported billions of dollars in contracted high-performance computing revenue.
Investors generally responded positively to this strategy. Hut8 \'s share price jumped about 20% after announcing its agreement with Fluidstack. According to a report by CoinShares, companies with AI and high-performance computing contracts have higher valuation multiples than mining companies that focus solely on Bitcoin production.
TeraWulf shares rose about 12% last week after the bitcoin mining company announced a 20-year AI data center lease with Anthropic that is expected to generate approximately $19 billion in contract revenue.
According to Yahoo Financial data, MARA is the sixth largest position in the industry exchange-traded fund CoinShares Bitcoin Mining ETF, accounting for 4.76% of assets. WGMI shares rose more than 5% by afternoon Thursday.
