Marathon Digital is set to utilize the “dry powder” on its balance sheet as it seeks to roughly double its deployed hash rate by the end of 2025.

The company’s balance sheet comprised roughly $1 billion worth of unrestricted cash and bitcoin combined, as of Jan. 31 — $319 million in cash and held 15,741 bitcoin (BTC).

“We intend to utilize it to continue growing our business through organic and inorganic means as opportunities arise,” Marathon CEO Fred Thiel said during the company’s Wednesday earnings call.

Per-block rewards for bitcoin miners are set to decline from 6.25 BTC to 3.125 BTC in mid-April as part of a bitcoin halving event that occurs roughly every four…

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