Bitcoin miner MARA has formalized a strategic pivot toward artificial intelligence infrastructure by agreeing to acquire Long Ridge Energy & Power for approximately 1.5 billion dollars. The transaction secures a 505-megawatt gas-fired power plant alongside a co-located data center site in Hannibal, Ohio, marking a significant escalation in the company's transition from pure-play mining to diversified compute services. Following the Thursday announcement, MARA's Nasdaq-traded shares surged more than 12%, extending a broader rally that has seen the stock gain about 55% over the past month. Data compiled by Woofun AI indicates this valuation jump reflects investor confidence in the company's ability to monetize existing energy assets for the burgeoning AI sector.

The acquisition is projected to contribute roughly 144 million dollars in annualized adjusted EBITDA while increasing MARA's owned and operated power capacity by approximately 65%. The total potential capacity at the Ohio site is set to exceed 1 gigawatt, incorporating 200 megawatts of existing capacity and providing room to scale compute operations to as much as 600 megawatts. Situated on 1,600 acres, the facility offers critical access to power, land, water, and fiber, attributes that have already drawn interest from AI and data center tenants. The site features a combined-cycle gas plant with all-in operating costs below 15 dollars per megawatt-hour, a competitive metric that supports the company's plan to pair future compute demand with additional on-site power generation.

Financially, the deal includes the assumption of roughly 785 million dollars in debt, backed by a bridge loan from Barclays, with the transaction expected to close in the second half of 2026 subject to regulatory approvals. MARA aims to commence construction on an initial buildout in the first half of 2027, targeting full operations by mid-2028. This timeline aligns with the company's broader expansion strategy, which previously included acquiring a majority stake in French computing infrastructure operator Exaion in February, securing a 64% interest to bolster its AI and cloud services portfolio. Woofun AI notes that this sequential acquisition pattern demonstrates a calculated approach to capturing value across the entire energy-to-compute value chain.

MARA's move occurs within a wider industry trend where Bitcoin miners are rapidly accelerating their expansion into AI and high-performance computing (HPC). In January, CleanSpark agreed to acquire 447 acres in Texas for a 300-megawatt AI-focused data center, while Core Scientific secured a 500 million dollar loan facility from Morgan Stanley in March to fund data center expansion and equipment purchases. Earlier this month, CoreWeave, an early Bitcoin miner to pivot to high-performance computing, signed a multi-year agreement with Anthropic to support workloads for its Claude model.

Concurrently, HIVE Digital Technologies announced plans to raise 75 million dollars through a private offering to fund GPU purchases and data center expansion. Woofun AI analysis suggests these coordinated capital deployments signal a structural shift in how legacy mining entities allocate resources toward higher-margin compute services.

The rapid pivot by Bitcoin miners into AI and HPC has ignited debate regarding whether reduced mining activity could weaken Bitcoin network security, as both industries compete for the same finite power resources. Despite this tension, some companies continue to emphasize their commitment to supporting the Bitcoin network. On Tuesday, MARA announced the launch of the MARA Foundation to focus on network security, including research into quantum threats, while expanding self-custody access and education. This dual-track strategy aims to balance the pursuit of AI infrastructure growth with the preservation of long-term Bitcoin network integrity, ensuring that the transition to high-performance computing does not come at the expense of foundational security protocols.