NEW: Marathon Digital Boosts 2024 Hash Rate Goal to 50 EH/s

Marathon Digital is set to significantly upscale its Bitcoin mining operations, raising its 2024 hash rate target to an impressive 50 exahashes per second (EH/s) from the previous 35-37 EH/s. This ambitious growth follows a series of strategic acquisitions, including a 200-megawatt facility from Digital Applied and two additional sites from Generate Capital, enhancing Marathon’s capacity to double its scale next year. CEO Fred Thiel confirmed the expansion would be fully funded without the need for additional capital, reflecting a strong financial position and bolstering investor confidence.

The announcement comes as Marathon’s stock saw a 4.5% increase in after-hours trading, despite a slight dip earlier in the day. Currently, Marathon leads with a 24.7 EH/s hash rate, overshadowing competitors like Core Scientific and Riot Platforms. Achieving the 50 EH/s target would represent a doubling of their current capacity since the beginning of 2024, underscoring Marathon’s growing dominance in the Bitcoin mining sector. This expansion aligns with the recent Bitcoin halving event, which, despite reducing block subsidies, has seen a surge in transaction fees, benefiting miners substantially.


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