Marathon Digital has increased its 2024 hash rate goal to 50 EH/s, up from the previous target of 35-37 EH/s. This decision comes after recent acquisitions that expanded the company’s mining capacity. CEO Fred Thiel stated that Marathon could potentially double its mining scale in 2024 due to the added capacity. The new target is fully funded, eliminating the need to raise additional capital.
The company acquired a 200-megawatt Bitcoin mining facility in March and two additional sites with a combined capacity of 390 megawatts in December. Currently, Marathon’s operations achieve a hash rate of 24.7 EH/s, surpassing competitors Core Scientific and Riot Platforms. If Marathon reaches its 50 EH/s target, it will have more than doubled its hash rate since the beginning of 2024.
On April 25, Marathon’s stock price declined slightly before rallying in after-hours trading following the announcement. The company has seen a 15% increase since the fourth Bitcoin halving event on April 20. This trend is reflected in the broader crypto mining sector, with transaction fees dropping to $28.20 by April 24.
As the crypto mining sector continues to grow, other Bitcoin mining firms like Riot Platforms are also experiencing significant market movements. On April 23, Riot’s shares surged by over 20% due to optimistic evaluations from analysts predicting substantial growth in the company’s financial performance.