Odaily Planet Daily reports that Bitcoin mining company MARA Holdings has announced a partnership with investment firm Starwood Capital Group to build a large-scale data center in the United States, targeting AI and cloud computing customers, expanding on its existing mining facilities. Following the announcement, the company’s stock rose approximately 17% in after-hours trading.
Under the agreement, both parties will repurpose a portion of their former Bitcoin mining facilities into AI data centers, with Starwood Digital Ventures, a subsidiary of Starwood, responsible for design, construction, and customer acquisition. The project is initially expected to provide approximately 1 gigawatt of computing capacity, with plans to expand beyond 2.5 gigawatts in the future, funded and operated jointly by both parties.
This partnership marks a significant transformation in MARA’s business strategy. Given the mine’s capacity for large-scale power access, such infrastructure has become increasingly valuable amid the rapid growth in AI computing demand. In recent years, pressured by Bitcoin halvings reducing block rewards, rising electricity costs, and intensifying competition, several mining companies have begun shifting toward AI computing infrastructure.
However, MARA stated that Bitcoin will remain a core component of the company’s long-term strategy. Management emphasized that, despite short-term price volatility, their long-term confidence in Bitcoin as an asset class has not changed.
Financial statements show that the company's fourth-quarter revenue was $202.3 million, a year-over-year decrease of approximately 6%, primarily due to a roughly 14% decline in the average mining price of Bitcoin.
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