Bitcoin miner MARA Holdings said on November 5, 2026, that the Federal Energy Regulatory Commission authorized its proposed acquisition of Long Ridge Energy & Power in Hannibal, Ohio. The decision removes a significant regulatory condition from the roughly $1.5 billion transaction, but the acquisition has not yet closed. MARA expects to complete the purchase in the coming weeks, subject to remaining conditions, according to its official announcement.

Long Ridge operates a natural-gas-fired combined-cycle facility alongside MARA’s existing Bitcoin mining infrastructure. The deal would combine an operating generator, industrial acreage and electricity-intensive computing operations under common ownership, extending the company’s strategy beyond purchasing grid power for ASIC miners.

485 MW approved for sale, 505 MW nameplate

The plant’s 505-megawatt nameplate rating describes equipment capacity. Long Ridge is currently authorized to sell 485 MW, and MARA expects the authorized amount to reach 505 MW in the first half of 2027. Neither number represents guaranteed continuous delivery, electricity generated over a year, or megawatts newly available for mining after the acquisition.

Combined-cycle generation uses a gas turbine to produce electricity, then captures hot exhaust through a heat-recovery steam generator to drive a second turbine. The design can extract more useful work from natural gas than a simple-cycle plant. GE Vernova’s Long Ridge case study documents a historic hydrogen-blending demonstration, but the facility remains a fossil-fuel power asset; a trial blend should not be presented as carbon-free commercial operation.

MARA’s SEC report identifies more than 1,600 contiguous acres with power, fiber, water and rail access. MARA says the deal would increase its owned power generation capacity by more than 300% upon closing. The figure is a proposed corporate capacity change, not a claim that Long Ridge generated three times more energy during November.

PJM electricity supply remains a priority

MARA says it does not expect to reduce existing electricity deliveries to the PJM grid or adversely affect consumers. Future computing loads, including behind-the-meter AI equipment, would instead require incremental generating capacity developed over time. FERC authorization permits the ownership transaction; it does not independently certify that every future data-center buildout has sufficient electricity, transmission access, or environmental permits.

The distinction matters for grid operators. BitcoinVersus.Tech previously examined Bitcoin mining’s flexible-load response during a PJM emergency. A mining fleet can sometimes curtail consumption rapidly, whereas large AI training facilities may need stricter continuity and redundancy. Energy-market obligations remain important even when a company owns generation.

More than 1 GW remains a development scenario

MARA says the Long Ridge complex and its nearby holdings offer more than 1 gigawatt of total potential capacity, including existing grid-connected infrastructure and future additions. Its earlier plan envisioned up to 600 gross MW of AI and critical IT loads, with construction targeted to begin in 2027 and initial service around mid-2028. None of those figures establishes a gigawatt of already operating AI servers.

The earlier purchase agreement included a base price near $1.5 billion, subject to adjustments and assumed debt. Financing, construction expenses, tenant commitments and grid obligations create execution risk. BitcoinVersus.Tech reported on MARA’s Bitcoin sales and infrastructure financing and its separate 2 GW Texas campus proposal. The Long Ridge acquisition is a separate asset and must not be added to already counted power capacity without reconciling site overlap.

The transaction also highlights a broader trend documented in BitcoinVersus.Tech’s largest U.S. data-center energy projects: industrial land and electrical interconnections are becoming strategic assets. Natural gas provides dispatchable generation, but creates greenhouse-gas emissions, fuel-price exposure, air-permitting obligations and cooling-water considerations.

**FERC approval is confirmed; completion of the acquisition is not.** The next independently verifiable milestones are closing disclosures, financing updates, operating generation figures and signed AI leases. Until those appear, the plant’s existing 485 MW sales authorization and future 505 MW nameplate rating should remain separate from MARA’s much larger projected campus capacity.

Editor’s Note: Verified against MARA’s November 5, 2026 FERC-authorization announcement, its SEC quarterly filing, the April 30 acquisition agreement announcement and GE Vernova’s equipment case study. The $1.5 billion deal has not closed, 485 MW is the current authorized power-sale amount, 505 MW is the plant’s nameplate rating, and more than 1 GW describes potential site development rather than operating AI capacity. Three original plant photographs are credited to Long Ridge Energy LLC. No unverified video has been embedded. Independent mobile and desktop browser checks remain pending.

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BitcoinVersus.Tech is not a financial advisor. Bitcoin mining, energy and securities coverage is provided for informational purposes, not investment advice.