Marathon Digital Ramps up Bitcoin Mining Goals, Targets 50 EH/s Hash Rate for 2024

Marathon Digital plans to increase its 2024 hash rate target for Bitcoin mining from 35-37 EH/s to 50 EH/s, thanks to expanded capacity from recent acquisitions, aiming to more than double its mining operations without the need to raise additional capital. The company’s growth includes purchasing a 200 megawatt Bitcoin mining center and two additional sites totaling 390 megawatts, positioning itself ahead of competitors with a current hash rate of 24.7 EH/s. Following this announcement, Marathon’s stock displayed a slight decrease but then rallied 4.5% in after-hours trading, and the firm has seen a 15% increase in stock value since the fourth Bitcoin halving event, which also led to a spike in transaction fees on halving day due to heightened demand from memecoin and NFT enthusiasts.