The largest public mining company in the US, MARA Holdings, continues its aggressive expansion into the infrastructure sector. Following the acquisition of a gas-fired power plant in Ohio, the company has entered into a deal to purchase a land plot in Matagorda County, Texas. The transaction amount could reach $600 million, but payments will be made in stages as key project development milestones are achieved.
Deal Details: From E-Methanol to Data Centers
The plot, spanning over 1,200 acres (~486 hectares), is located 145 km southwest of Houston. Initially, the site belonged to HIF USA LLC, the American division of eco-friendly fuel developer HIF Global, and was intended for large-scale e-methanol production. MARA acquired it through its subsidiary Volt Texas LLC.
Financing for the purchase is tied to strict milestones: obtaining regulatory approvals, closing the land purchase deal (which is currently under contract), securing an electricity supply permit, and, most importantly, signing a data center lease agreement with a third-party tenant. After the lease is signed, HIF will retain a minority stake in the project.
MARA plans to gain access to 1 GW of initial capacity by October 2027 and increase it to 2 GW by April 2028. The company already reports high interest from potential tenants in the high-performance computing (HPC) segment. Construction is set to begin this year.
Strategic Transformation: From Mining to Energy and AI
This deal is not just a land purchase but part of a deep strategic restructuring of MARA's business. In April, the company agreed to buy Long Ridge Energy & Power for $1.5 billion, gaining a 505 MW gas-fired power plant and 1,600 acres of land. In February, a partnership with Starwood Capital Group was announced to convert existing MARA sites into AI infrastructure with a capacity of up to 2.5 GW.
Upon completion of all projects, MARA's potential energy portfolio capacity will exceed 4.8 GW. This represents more than a twofold increase. We are witnessing not just diversification but a fundamental transformation of a miner into a vertically integrated energy and infrastructure operator focused on the high-margin AI market.
Bitdeer and Cipher Digital: Different Paths in an Era of Low Profitability
Amid pressure on mining profitability (hashprice stands at $29.6 per PH/s per day, below the historical peak), other players are also choosing adaptation strategies. Bitdeer is building a $36 million plant in Nevada to produce its own ASIC miners, SEALMINER. This is a step toward vertical integration and reducing dependence on third-party suppliers.
Cipher Digital (formerly Cipher Mining) is pursuing a complete transformation into a developer of AI data centers. The company has already contracted 600 MW of HPC capacity, including long-term agreements with AWS, Google, and Fluidstack. However, as reports show, this transition requires enormous capital expenditures: with revenue of $35 million in the first quarter, the company's adjusted EBITDA fell to a negative $48 million.
Analytical Commentary: The mining market has finally entered an era of "survival of the fittest." We see a clear division: some companies (MARA) become energy giants, others (Bitdeer) become equipment manufacturers, and still others (Cipher) become pure AI infrastructure developers. The key risk for all is the speed of project implementation and the ability to attract long-term hyperscaler tenants amid intensifying competition for available capacity.