Bitcoin mining data center beside a power plant at sunset

MARA Buying a 505 MW Gas Plant and 1,600 Acres in Ohio for $1.5 Billion

By Isaac • April 30, 2026 10:54 am • Comments

MARA is buying Long Ridge Energy & Power LLC from FTAI Infrastructure for approximately $1.5 billion, including assumed debt. The deal, announced April 30, 2026, hands MARA a 505 MW nameplate combined-cycle gas power plant and more than 1,600 contiguous acres in Hannibal, Ohio. MARA says the campus already has power, land, water, and fiber ready at closing.

The acquisition bumps MARA’s owned and operated power capacity by about 65% and brings in roughly $144 million of annualized adjusted EBITDA at less than $15 per MWh in all-in operating costs. Those are real energy economics, and they explain why a Bitcoin miner is writing a check this large for a gas turbine.

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MARA says the Long Ridge campus supports more than 1 GW of total potential power capacity when you add up generation and load. The company already has 200 MW of its own capacity at the site, with line of sight to up to 600 gross MW of AI and critical IT loads. The Hannibal data center has already attracted inbound interest from multiple potential investment-grade AI and critical IT tenants, according to MARA.

So the plan is layered: high-performance computing leases for AI tenants, flexible compute operations including Bitcoin mining, and wholesale power generation sold back into the grid. MARA expects initial AI and critical IT construction to begin in the first half of 2027, with targeted initial service around mid-2028.

MARA also addressed the political question that always follows when a crypto or AI company buys a power plant. The company expects current Long Ridge power supply into the PJM grid to continue and anticipates no impact to consumers.

At the portfolio level, MARA says the deal expands its total operational and development capacity to roughly 2.2 GW across PJM, ERCOT, SPP, and international markets.

Bitcoin miners keep buying power generation assets because mining margins get crushed when energy costs spike. Owning the source removes the biggest variable a miner can otherwise never control. If MARA can lease excess capacity to AI tenants at premium rates on top of that, the economics of the plant look a lot better than mining alone would deliver. Whether the AI tenant pipeline actually fills on schedule is a different conversation.

CoinDesk covered the same transaction, describing it as a $1.5 billion AI data center push built around the gas plant, 1,600 acres, and a path to more than 1 GW of potential capacity.

Full details from MARA:

MARA said the Long Ridge Energy agreement delivers a 505 MW nameplate combined-cycle gas plant in Hannibal, Ohio, more than 1,600 contiguous acres, and immediate access to power, land, water, and fiber at closing. The company described the campus as a platform with more than 1 GW of total potential power capacity across generation and load, capable of supporting high-performance computing leases, AI and critical IT tenants, flexible compute including Bitcoin mining, and wholesale power generation. MARA said the deal increases its owned and operated power capacity by about 65%, adds approximately $144 million in annualized adjusted EBITDA, and operates at less than $15 per MWh of all-in costs. The company expects closing in the second half of 2026 pending regulatory approvals and said current Long Ridge power supply into the PJM grid is expected to continue with no anticipated impact to consumers.

The transaction still needs regulatory approvals and other customary closing conditions before it closes in the second half of 2026. Construction timelines can slip. AI demand forecasts could soften. And $1.5 billion is serious capital for a company whose core business still rises and falls with Bitcoin’s price. Plenty can go sideways between now and that mid-2028 service target.

MARA is buying a gas turbine, acreage, grid interconnections, and optionality to serve customers who have nothing to do with Bitcoin. The 200 MW of existing MARA capacity plus 600 MW of potential AI and critical IT loads tells you where the company thinks the better margins live over the next few years.

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