Marathon, the Bitcoin miner, raises its hash rate target for 2024 to reach 50 EH/s.

Bitcoin mining company Marathon Digital has announced that it is raising its hash rate target for 2024 from 35-37 exahashes per second to 50 EH/s. This increase is due to the company’s expanded capacity following recent acquisitions. Marathon’s CEO, Fred Thiel, stated that the target will be fully funded and that no additional capital is needed to achieve the new hash rate. The company’s recent acquisitions include a 200 megawatt Bitcoin mining center purchased from Digital Applied for $87.3 million and two additional mining sites totaling 390 megawatts from Generate Capital for $179 million. Currently, Marathon’s hash rate stands at 24.7 EH/s, while Core Scientific and Riot Platforms have hash rates of 16.9 EH/s and 12.4 EH/s, respectively. If Marathon reaches its target, it would represent a more than 100% increase in the company’s hash rate since the beginning of 2024. Marathon’s stock price fell slightly on April 25 but has seen a 4.5% increase in after-hours trading following the announcement. The company’s stock has also seen a significant increase since the fourth Bitcoin halving event on April 20. Despite the halving of the block subsidy, miners have benefited from high transaction fees on that day. However, transaction fees have since fallen.