Bitcoin mining company Marathon Digital has announced that it is increasing its 2024 Hash Rate target from 35-37 exahash per second to 50 EH/s, citing expanded capacity following recent acquisitions .
Fred Thiel, CEO of Marathon explains : “With the amount of capacity we have available from our recent acquisitions and the amount of Hash rate […], we now believe we can double in size. Marathon mining operations by 2024”.
Thiel said its goal will be “fully funded” as the company does not need to raise additional Capital to reach the new Hash Rate target.
The company's recent acquisitions include a 200-megawatt Bitcoin mining center purchased from Digital Applied for $87.3 million in March and two additional mining sites, for a total capacity of 390 megawatts for $179 million last December.
Marathon currently boasts a hash rate of 24.7 EH/s for its Bitcoin mining efforts, with Core Scientific and Riot reaching 16.9 EH/s and 12.4 EH/s respectively, according to HashrateIndex.
If Marathon achieves its 50 EH/s target, it would mark a more than 100% increase in the company's Hash Rate since the beginning of 2024.
According to Google Finance, Marathon (MARA) shares fell 0.42% to $19.01 on April 25 but rose 4.5% in after-hours trading after the announcement.
