Bitcoin Miner Marathon Digital Targets its Hash Rate to Double in 2024

Bitcoin miner Marathon Digital MARA has raised its 2024 hash rate growth target in response to Bitcoin's BTC/USD fourth halving event, which reduced miners' block subsidy rewards from 6.25 BTC to 3.125 BTC. Starting 2024 with a total hash rate of around 24.7 exahash per second (EH/s) across its mining facilities, Marathon initially planned to increase its hash rate by around 46% during the year, targeting 35-37 EH/s. Due to an increase in machine orders and capacity following recent acquisitions, the firm now expects its operations to scale up and reach a fully funded hash rate of around 50 EH/s by the end of 2024. "Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon's mining operations in 2024 and achieve 50 exahash by the end of the year" Marathon Chairman and CEO Fred Thiel said in a statement late Thursday.

Read the full story at The Block.