Two stories, one question: who will get the electricity? US miner MARA has transferred around 996 BTC to an address identified as belonging to Galaxy Digital, while it builds out infrastructure activities for artificial intelligence. Meanwhile, Google has signed a twenty-year contract with Constellation Energy covering 890 megawatts (MW) of additional nuclear power for its data centers. Both moves are reported by Journal du Coin and Journal du Coin.

MARA: a transfer, not a confirmed sale

According to Journal du Coin, which draws on the specialized US press, MARA transferred around 996 BTC, valued at $81.1 million, to an address identified as belonging to Galaxy Digital. The outlet stresses that this movement does not confirm a sale. Galaxy Digital offers institutional investors trading, financing and custody services; the arrival of the funds at this intermediary therefore does not, according to the same source, make it possible to determine their final destination. Journal du Coin nevertheless believes that this transfer "casts heavy suspicion", given the sales the group has already confirmed this year.

Those sales are documented. Between March 4 and March 25, 2026, MARA sold 15,133 BTC for around $1.1 billion, according to Journal du Coin. The group said it would mainly use the proceeds to repurchase convertible bonds, in order to reduce its debt and the potential dilution linked to their conversion into shares.

A treasury down by about a third

This approach contrasts with the "full HODL" policy MARA announced in July 2024: at the time, the company intended to keep all of its bitcoin production and add to its reserves through market purchases. As of June 30, 2026, MARA held 35,577 BTC, of which 9,270 were lent out or pledged as collateral, according to its results published in August and cited by Journal du Coin. Compared with the 53,822 BTC recorded in February, the decline amounts to about a third. An important caveat: this total is not an updated count following the October transfer.

Mining continues. MARA still mined 2,422 BTC in the second quarter, reports Journal du Coin, which describes a group now combining this production with more active management of its reserves and new industrial investments.

Exaion, MARA's gateway into computing and the cloud

The diversification runs through Exaion, a company that came out of the EDF group. MARA announced a 64% stake; EDF remains a minority shareholder and a customer. NJJ, Xavier Niel's investment company, is involved in the deal through a stake in MARA France. The initial agreement provided for around $168 million; MARA's quarterly report states a total consideration of $174.5 million, including adjustments, for a transaction completed on February 20, 2026. Exaion brings expertise in data centers, secure cloud and AI infrastructure.

The two matters should nonetheless be kept separate. As Journal du Coin points out, the transfer to Galaxy Digital is not enough to link these bitcoins to any specific financing.

Google secures 890 MW of nuclear power for twenty years

On the AI side, the scale is different. The agreement between Google and US operator Constellation Energy, announced on October 6, concerns the PJM grid, which serves 67 million people, according to Journal du Coin. Constellation's press release describes a 20-year power purchase agreement. To meet it, Constellation is raising the output of eleven existing nuclear units, spread across six sites in Illinois, Pennsylvania and New Jersey. This technique, the uprate (increasing the output of a reactor already in service), delivers 890 MW of additional capacity, the equivalent of a large reactor according to the operator. No new reactor is being built.

Constellation is committing more than $4.3 billion to the project, and the first delivery is expected in 2028. A second, 15-year contract covers 2,700 MW from its existing fleet, with no new capacity. The two agreements thus total 3,590 MW, of which only a quarter comes from the uprates. On X, on October 6, Constellation wrote, as quoted in French translation by Journal du Coin: "More nuclear energy is coming to the PJM grid. Our agreement with @Google will add 890 MW of reliable, emissions-free capacity, the equivalent of a new reactor, backed by more than $4.3 billion in private investment." Constellation's CEO, Joe Dominguez, believes the agreement "can serve as a model" for cooperation between technology companies and the energy sector.

Google is not the first. Journal du Coin recalls that Microsoft is buying the electricity from the restart of Three Mile Island, in Pennsylvania, that Meta has agreements in Ohio, Pennsylvania and Illinois, and that Amazon has signed in Maryland.

Mining versus AI: two models for the same megawatt

Bitcoin mining consumes between 13 and 25 gigawatts continuously worldwide, according to the Cambridge tracker's estimate cited by CoinDesk in April and picked up by Journal du Coin. According to the same CoinDesk article, AI is among the leading sources of new electricity demand in the United States.

The difference lies in the revenue model, explains Journal du Coin: a gigawatt leased to an AI company generates contractual, predictable cash flows, whereas the same gigawatt dedicated to mining depends on the bitcoin price and network difficulty. The outlet cites miners that have already moved: Core Scientific has converted part of its capacity to AI hosting, through a contract with CoreWeave, while IREN (formerly Iris Energy) and Hut 8 are growing their revenue in high-performance computing. The hashrate, the network's computing power, nonetheless exceeds 1 zettahash per second, according to the same source.

What these two moves say

Side by side, the two stories show two approaches to electricity. Google is securing megawatts for twenty years from a nuclear operator, with a first delivery expected in 2028. MARA keeps mining while investing in computing and the cloud, and, according to Journal du Coin, now uses its treasury to manage its balance sheet, as the confirmed March sales illustrate. Many bitcoin miners are betting on AI, the outlet observes, "but they don't have that checkbook". As for the 996 BTC transferred to Galaxy Digital, the sources do not make it possible to say at this stage whether they have been sold.

Sources

Journal du Coin, article on MARA's bitcoin transfer and its diversification into AI, published on October 9, 2026: https://journalducoin.com/bitcoin/fin-hodl-mara-tresor-bitcoin-ia/

Journal du Coin, article on the nuclear agreement between Google and Constellation Energy and the competition with bitcoin miners, published on October 10, 2026: https://journalducoin.com/bitcoin/google-constellation-nucleaire-ia-mineurs-bitcoin/