Bitcoin Mining Giant Marathon Faces Another SEC Subpoena For Montana Data Center – Marathon Digital Holdings (NASDAQ:MARA)

Bitcoin mining company Marathon Digital MARA received a second subpoena from the U.S. Securities and Exchange Commission (SEC) concerning its 100-megawatt data center located in Hardin, Montana.

Marathon disclosed in a quarterly report on May 10 that the subpoena, issued on April 10, was connected to “transactions with related parties” that took place during the facility’s construction in Montana.

“We understand that the SEC may be investigating whether there may have been any violations of the federal securities law,” the company stated. “We are cooperating with the SEC.”

Also Read: IRS Targets Bankrupt FTX Crypto Exchange With $44B Blow — Will They Withstand Financial Assault?

The first subpoena regarding the Montana facility was received by Marathon in 2021, requesting the production of several related documents and communications.

On May 9, Marathon announced a partnership with digital assets infrastructure firm Zero Two to establish a large-scale immersion Bitcoin mining facility in Abu Dhabi.

The facility will comprise two mining mines with a total capacity of 250 megawatts. Marathon explained that although mining in Abu Dhabi would typically be unviable, its “custom-built immersion solution” would effectively keep mining rigs cool.

This development follows the Biden administration’s proposal two months ago to introduce a new tax for cryptocurrency miners operating in the US, requiring them to pay a tax equivalent to 30% of the electricity costs incurred during crypto mining.

Read Next: UK Government Plans Crypto Seizures On Tax Evaders — Are Your Coins Safe?

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