Marathon Digital Increases 2024 Hash Rate Goal to 50 EH/s Following Acquisitions

Marathon Digital, a prominent player in the Bitcoin mining sector, has set its sights even higher with a revised hash rate goal for 2024. The company announced that it has increased its target from 35-37 exahashes per second (EH/s) to an impressive 50 EH/s following recent acquisitions that have expanded its capacity.

CEO Fred Thiel expressed confidence in the company’s ability to potentially double its mining scale in 2024, thanks to the added capacity. He also assured stakeholders that the new target would be fully funded, eliminating the need to raise additional capital.

Marathon’s recent acquisitions include a 200-megawatt Bitcoin mining facility purchased from Digital Applied for $87.3 million in March, as well as two additional sites with a combined capacity of 390 megawatts acquired from Generate Capital for $179 million in December. These strategic moves have positioned Marathon ahead of competitors like Core Scientific and Riot Platforms in terms of hash rate.

The announcement of the revised hash rate goal had a positive impact on Marathon’s stock price, which initially declined on April 25 but rallied in after-hours trade. The company’s stock has seen a significant increase since the fourth Bitcoin halving event on April 20, a trend that has been observed across the mining sector.

As the crypto mining industry continues to experience growth, other players like Riot Platforms are also seeing notable market movements. Riot’s shares surged by more than 20% on April 23, driven by optimistic evaluations from analysts predicting substantial financial performance growth.

With Marathon’s ambitious new target and the overall positive momentum in the Bitcoin mining sector, investors and industry observers will be closely watching to see how the company continues to capitalize on its expanded capacity and drive towards achieving its goals.