PorterLamb
2024-06-20

$Marathon Digital Holdings Inc(MARA)$ After doing an investigation of two-phased immersion to see if MARA has a competitive advantage, it appears they do. Two-phase offers more density and energy efficiency over single-phase immersion tanks that are being widely deployed at RIOT facilities. Two-phase is also perfect for AI Nvidia chips if companies want to buy MARA’s tank solution. Best I can tell, MARA designed a proprietary tank solution and is probably contracted with Liquidstack (one of two large two-phase immersion tank producers) as an OEM to build and supply the tanks in volume. They also supply proprietary software to deliver overclocking and runtime efficiency through remote management. Once this technology is fully deployed, they will have a sizable competitive advantage.

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