Marathon Digital has adjusted its hash rate target for 2024 to 50 EH/s, a significant increase compared to the previous range of 35-37 EH/s. This revision is a direct result of the augmented capacity acquired through recent business deals. CEO Fred Thiel emphasized that these acquisitions, including a 200-megawatt Bitcoin mining center purchased from Advanced Connected for \\(87.3 million in March and two additional mining sites totaling 390 megawatts acquired from Produce Capital for \\\)179 million in December of the prior year, have effectively doubled Marathon’s mining operations scale for 2024.

Currently operating at a hash rate of 24.7 EH/s for Bitcoin mining, Marathon leads the industry, with Core Scientific and Riot Platforms following closely at 16.9 EH/s and 12.4 EH/s, respectively. Achieving the 50 EH/s target would represent a remarkable over 100% surge in Marathon’s hash rate since the start of 2024. Subsequently, the company’s stock price has risen by over 15% post the fourth Bitcoin halving event at block 840,000 on April 20, aligning with the performance of other major industry players. Despite the block subsidy halving to 3.125 Bitcoin, miners capitalized on an unprecedented average transaction fee of $128 on the halving day, resulting in profits exceeding the pre-halving norm.

The initial spike in demand for block 840,000 was primarily driven by enthusiasts of meme coins and non-fungible tokens seeking to engrave “Rare Satoshi” via Rune Protocol. Marathon’s ambitious goals reflect its confidence in the growth opportunities within Bitcoin mining. By leveraging recent acquisitions and favorable market conditions, the company is set to significantly expand its mining operations throughout 2024, solidifying its position as a key player in the Bitcoin mining industry.