Bitcoin mining firm Marathon Digital has announced it is increasing its 2024 hash rate target from 35-37 exahashes per second to 50 EH/s, citing expanded capacity after recent acquisitions.
“Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate [...] we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024,” explained Marathon’s CEO Fred Thiel.
Thiel said its target would be “fully funded” as there is no need for the firm to raise additional capital to achieve its new target hash rate.
The firm’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, totaling 390 megawatts from Generate Capital for $179 million last December.
Marathon currently boasts a hash rate of 24.7 EH/s for its Bitcoin mining endeavours, with Core Scientific and Riot Platforms filling out the podium at 16.9 EH/s and 12.4 EH/s respectively, according to Hashrate Index.
If Marathon reaches its 50 EH/s target, it would mark more than a 100% increase in the firm’s hash rate since the start of 2024.
Marathon’s stock gained 3.5% in premarket trading Friday following the announcement.
Marathon has increased more than 15% since the fourth Bitcoin halving event occurred at block 840,000 on April 20 — an increase consistent with other miners in the industry.