👉👉👉 #Bitcoinminer Marathon increases 2024 hash rate target to 50 EH/s
Marathon Digital, a prominent Bitcoin mining firm, has revised its 2024 hash rate target upward from 35-37 exahashes per second (EH/s) to an ambitious 50 EH/s. This decision stems from expanded capacity resulting from recent acquisitions.
CEO Fred Thiel highlighted the company's ample capacity following recent acquisitions and expressed confidence in doubling Marathon's mining operations' scale in 2024. Notably, Thiel emphasized that the new target would be fully funded, requiring no additional capital raising.
Marathon's recent acquisitions include a 200-megawatt Bitcoin mining center acquired from Digital Applied for $87.3 million in March and two additional mining sites totaling 390 megawatts from Generate Capital for $179 million last December.
Currently, Marathon boasts a hash rate of 24.7 EH/s for its Bitcoin mining operations, placing it ahead of competitors like Core Scientific and Riot Platforms, according to #hashrate Index. Achieving the 50 EH/s target would signify a remarkable 100% increase in Marathon's hash rate since the beginning of 2024.
Marathon's stock (MARA) experienced a slight decline of 0.42% to $19.01 on April 25. However, after the announcement, it rallied 4.5% in after-hours trading. This increase follows a trend observed across the industry, with miners experiencing growth since the fourth #BitcoinHalving event at block 840,000 on April 20.
In summary, Marathon Digital's upward revision of its hash rate target reflects its confidence in its expanded capacity and the overall bullish sentiment in the Bitcoin mining sector.
Source - cointelegraph.com
