Marathon Digital Receives Second SEC Subpoena, Adding to Previous Inquiry on Potential Violations of Securities Laws related to its Hardin Data Center
Bitcoin miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission relating to its 100-megawatt data center in Hardin, Montana.
Marathon Digital Discloses Receipt of Subpoena in Quarterly Report, Related to Transactions with Related Parties during the Creation of Montana Facility, adding:
“We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC.”
The subpoena is the second one received by Marathon regarding the facility. It also received one late in the third quarter of 2021 in which the SEC ordered the firm to produce a number of related documents and communications.
On May 9th, Marathon announced that it had partnered with digital assets infrastructure company Zero Two to create a large-scale immersion Bitcoin mining facility in Abu Dhabi.
Marathon Digital Announces Ambitious Plans for Two Mining Mines with Combined 250MW Capacity, Introduces Custom-Built Immersion Solution to Overcome Cooling Challenges in Abu Dhabi
Marathon Digital’s plans were unveiled amidst a notable development in the United States. The Biden administration recently introduced a proposed tax specifically targeting crypto miners operating within the country. Under this proposed tax regulation, miners would be obligated to pay a significant 30% tax on the electricity costs associated with their crypto mining activities.
This announcement from Marathon Digital comes merely two months after the introduction of the proposed tax, signaling the company’s determination to navigate the evolving regulatory landscape. Despite the potential financial implications posed by the tax, Marathon Digital remains steadfast in its commitment to expanding its mining operations and driving innovation within the crypto mining industry.