Marathon Digital has disclosed in its quarterly report published on May 10, 2023, that it received a second subpoena from the US Securities and Exchange Commission (SEC) regarding its data center located in Hardin, Montana.
@SECGov has issued another subpoena to Marathon Digital.
Marathon Digital is a US based #Bitcoin mining firm.
The subpoena relates to ongoing investigation tied to Marathon Digital facility in Montana.
Marathon stated that #SEC may be investigating whether or not there have…
— CryptoSmind (@SmindCrypto) May 11, 2023
The subpoena, received on April 10, concerns transactions with certain parties during the construction of the data centre facility. Marathon Digital has stated that it is aware that the SEC may be investigating potential violations of federal securities law and is fully cooperating with the investigation.
This latest subpoena follows a previous one Marathon received in the third quarter of 2021. The previous subpoena was also issued by the SEC and was part of an investigation into possible violations of federal securities laws relating to Marathon’s data center in Hardin, Montana. Marathon Digital declared its cooperation with the investigation but did not provide specific details.
Meanwhile, in February 2023, the Montana State Senate approved a bill to protect cryptocurrency miners from potential threats to the sector. The legislation will secure the right to mine digital assets while limiting the local government’s authority to enforce zoning regulations that could disrupt crypto-mining operations.
Additionally, the bill will safeguard home miners and prevent discriminatory electricity pricing for crypto miners. Furthermore, it proposes classifying other financial assets like stocks and bonds as personal property, along with digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
In a separate development, on May 9, 2023, Marathon Digital announced a partnership with digital assets infrastructure firm Zero Two to establish an extensive Bitcoin mining complex in Abu Dhabi. The facility will utilize a custom-built immersion solution and consist of two mining mines with a combined capacity of 250 megawatts. Marathon acknowledged that conventional mining practices would be impractical in Abu Dhabi, but its innovative cooling approach would effectively maintain the mining rigs’ temperature.
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