MARA signed an agreement with HIF USA to acquire a powered land site in Matagorda County, Texas, about 90 miles southwest of Houston. The site covers more than 1,200 acres and is expected to provide access to about 1 GW of grid capacity by October 2027 and up to 2 GW by April 2028.

MARA plans to develop it with Starwood Digital Ventures for high-performance computing and Bitcoin mining.

This matters because large miners are no longer only competing for machines and cheap power. They are trying to control scarce energy-connected land that can serve both AI compute and mining. The second-order risk is execution timing: power access, tenants and construction must arrive before market cycles or AI demand change.

Next, watch whether MARA signs HPC tenants and how much capacity remains dedicated to Bitcoin mining.