Marathon Digital Holdings Inc MARA shares are moving higher after the bell on Thursday after the Bitcoin BTC/USD miner announced an increase to its hash rate target.

What Happened: After the market close on Thursday, Marathon Digital said it’s increasing its hash rate target for fiscal-year 2024 from a previous range of 35 EH/s to 37 EH/s to a new target of 50 EH/s.

The bitcoin mining company began the year with approximately 24.7 EH/s and had been targeting growth of approximately 46% by year’s end. Marathon said it’s raising its new target based on current machine orders and available capacity following recent acquisitions.

“Given the amount of capacity we have available…

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