Marathon Digital Holdings Inc (NASDAQ:MARA) Increases Hash Rate Target, Shares Move Higher
Marathon Digital Holdings Inc (NASDAQ:MARA) is making waves in the market after announcing a significant increase to its hash rate target for fiscal-year 2024. The Bitcoin miner revealed that it is raising its target from 37 EH/s to an impressive 50 EH/s, showcasing a substantial growth trajectory for the company.
This news comes as Marathon Digital has been steadily increasing its hash rate throughout the year, starting at 24.7 EH/s and aiming for a 46% growth by the end of the year. With current machine orders and available capacity following recent acquisitions, the company believes it can double the scale of its mining operations and achieve the ambitious 50 EH/s target by the end of 2024.
Fred Thiel, chairman and CEO of Marathon Digital, expressed confidence in the company’s ability to reach this new target without the need for additional capital. The company’s liquidity position is strong, and it is fully funded to achieve its objectives.
Investors and analysts are eagerly awaiting Marathon Digital’s earnings report on May 9, where the company will provide more details on its new hash rate target. Analysts are expecting earnings of 22 cents per share on revenue of $180.69 million, according to estimates from Benzinga Pro.
Following this announcement, Marathon Digital shares surged 5.15% after hours, reaching $19.98. The market is clearly responding positively to the company’s ambitious growth plans and strong financial position.
As Marathon Digital continues to expand its mining operations and increase its hash rate, the company is positioning itself as a key player in the Bitcoin mining industry. Investors will be watching closely to see if the company can deliver on its promises and achieve its impressive growth targets.
