Bitcoin Miner Marathon Raises Its Hash Rate Target For 2024 to 50 EH/s

Marathon Digital, a leading Bitcoin mining firm, has announced a significant increase in its 2024 hash rate target, aiming to reach 50 exahashes per second (EH/s).

According to the Hashrate Index, Marathon’s Bitcoin mining hash rate is currently 24.7 EH/s. If the miner achieves its 50 EH/s target, it would mark more than a 100% increase in the firm’s hash rate since the start of 2024. This expansion reflects Marathon’s strong confidence in the future of Bitcoin mining and its dedication to growth.

Marathon’s CEO Fred Thiel explained, “Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate…we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024.”

The company’s plan to double the size of its mining operations this year will be fully funded and does not need additional capital from outside investors. Notably, the decision comes after the company’s recent acquisition of a 200-megawatt (MW) Bitcoin mining facility in Texas from Applied Digital for $87.3 million, finalized on March 15. These acquisitions have significantly increased Marathon’s mining capacity.

Despite this development, Marathon’s stock (MARA) experienced a slight decline of 0.42% to $19.01 on April 25. However, according to Google Finance, it rallied by 4.5% in after-hours trading following the announcement.

Since the fourth Bitcoin halving event at block 840,000 on April 20, Marathon’s stock has increased more than 15% overall. However, transaction fees have since decreased to $28.20, according to data from YCharts on April 24. The surge in demand at block 840,000 was driven by enthusiasts of memecoins and non-fungible tokens competing to inscribe and etch “rare satoshis” using the Runes protocol.

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