MARA has announced a 390-megawatt acquisition of infrastructure assets in Texas and Nebraska, unlocking a scalable pipeline of readily available power and expansion capacity while lowering its cost per bitcoin. By pairing its original asset-light model — which enabled MARA to rapidly scale to 23 exahash — with newly acquired, owned-and-operated sites (now ~45% of the portfolio), the company is driving bottom-quartile cost per coin with greater control over operations. After reducing 56% of its debt at a 21% discount, MARA was able to execute this highly accretive transaction at an effective $200,000–$300,000 per megawatt including expansion capacity, positioning the company as a well-capitalized consolidator able to grow when competitors face capital constraints.