Compute North hosting agreement for 73,000 miners
Company: Marathon Digital
What the later record shows
Not a promise: a reported event · happened May 21, 2021
The claim's own text says the LOI was entered into on May 21, 2021, which was already past when the claim was made in March 2022. Separately, deployment of the miners slipped to H1 2022 under the amended agreement.
“In May 2021, we announced that we had entered into a binding letter of intent with Compute North to host 73,000 of our Bitcoin miners”
2022-03-09 · Marathon Digital 10-K filed 2022-03-10 View cached copy (2026-09-13)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Entered into binding letter of intent with Compute North to host 73,000 Bitcoin Miners with staged implementation October 2021 through March 2022 at $0.50 per machine per month and $0.044 per kWh, with up to $67 million bridge loan and up to $14 million expedite fees
Source (primary)
Marathon Digital 10-K filed 2022-03-10 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “On May 21, 2021, Marathon Digital Holdings, Inc. (the "Company") entered into a binding letter of intent with Compute North, LLC to host 73,000 Bitcoin Miners over a staged in implementation between October 2021 and March 2022. The hosting cost is $0.50 per machine per month and the hosting rate will be $0.044 per kWh. In order to build out the infrastructure without paying for the capital expenditure, the Company will provide an 18 month bridge loan to Compute North of up to $67 million dollars... The Company has also agreed to pay up to $14 million in expedite fees”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
Every term in the claim appears in the 10-K's description of the May 21, 2021 Compute North letter of intent.
Confirmed in the source:
- Marathon entered into a binding letter of intent with Compute North to host 73,000 Bitcoin miners
- The hosting was to be implemented in stages from October 2021 through March 2022
- The hosting cost was $0.50 per machine per month
- The hosting rate was $0.044 per kWh
- Marathon would provide Compute North a bridge loan of up to $67 million
- Marathon agreed to pay up to $14 million in expedite fees
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1507605/000149315222006446/form10-k.htm) in full (385,382 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Marathon Digital 10-K filed 2022-03-10
Quote: “On May 21, 2021, Marathon Digital Holdings, Inc. (the "Company") entered into a binding letter of intent with Compute North, LLC to host 73,000 Bitcoin Miners over a staged in implementation between October 2021 and March 2022. The hosting cost is $0.50 per machine per month and the hosting rate will be $0.044 per kWh. In order to build out the infrastructure without paying for the capital expenditure, the Company will provide an 18 month bridge loan to Compute North of up to $67 million dollars... The Company has also agreed to pay up to $14 million in expedite fees”