Marathon Digital plans to acquire two Bitcoin mining sites for $178.6 million, increasing its mining capabilities.

The acquisition will add 390 megawatts to Marathon's capacity, owning 45% of their total capacity.

The move is expected to reduce the cost of mining a single Bitcoin by 30% and increase profitability.

Marathon aims to double their operational hash rate in the next 18-24 months and deploy their own mining hardware.

The strategic moves have led to a surge in Marathon's revenue, net income, and a positive impact on their stock price.

The acquisition is expected to close in the first quarter of 2024.