Marathon Digital receives another subpoena from the SEC

In the third quarter of 2021, Marathon received its initial subpoena regarding a potential violation of federal securities laws related to its data center in Hardin.

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Marathon Digital, a Bitcoin miner, has revealed that it received an additional subpoena from the United States Securities and Exchange Commission (SEC) regarding its 100-megawatt data center located in Hardin, Montana. The price of Bitcoin is currently down at $27,552.

As stated in Marathon’s quarterly report filed on May 10, the company received a subpoena on April 10. The subpoena is related to transactions with related parties that took place during the establishment of the facility in Montana.

“Marathon Digital’s quarterly report, submitted on May 10, reveals that the company received a subpoena on April 10. The subpoena is connected to transactions involving related parties during the development of the Montana facility”.

This is the second subpoena that Marathon has received concerning the facility. In the third quarter of 2021, the company also received a subpoena from the SEC, which required them to provide various documents and communications related to the matter.

@SECGov has issued another subpoena to Marathon Digital.

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Marathon Digital is a US based #Bitcoin mining firm.

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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

When asked for further comments, a spokesperson for Marathon declined to provide any additional information.

Marathon made an announcement on May 9th that it has teamed up with digital assets infrastructure company Zero Two to establish a large Bitcoin mining facility in Abu Dhabi using immersion cooling technology.

The facility in Abu Dhabi will include two mining sites, capable of generating a total of 250 megawatts of power. Marathon emphasized that mining in Abu Dhabi would typically be challenging, but their specially designed immersion cooling system would effectively keep the mining equipment cool.

The announcement occurred shortly after the Biden administration introduced a new proposal to impose a tax on cryptocurrency miners in the United States. Under this proposal, miners would be required to pay a tax equivalent to 30% of the electricity expenses incurred during the mining process.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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