Marathon Digital Holdings plans to double its Bitcoin mining capacity to 50 exahashes per second by the end of 2024, leveraging recent strategic acquisitions and financial readiness without needing additional capital.
Marathon Digital Holdings has announced ambitious plans to double its Bitcoin mining capacity by the end of 2024. The company aims to reach a hash rate of 50 exahashes per second (EH/s), marking a significant leap from its current 24.7 EH/s.
The Bitcoin miner is utilizing recent acquisitions and favorable market conditions to achieve this goal. Marathon's CEO, Fred Thiel, expressed the company's growth potential, saying, “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.”
According to the Hashrate Index, Marathon currently leads the industry, with competitors Core Scientific and Riot Platforms trailing at 16.9 EH/s and 12.4 EH/s, respectively. The decision to revise the target hash rate from 35-37 EH/s to 50 EH/s signifies a 100% increase and underscores Marathon's confidence in scaling its operations.
The growth is fueled by key acquisitions, including a 200-megawatt Bitcoin mining center from Digital Applied and two additional sites from Generate Capital, totaling 390 megawatts. These strategic moves have equipped Marathon with the infrastructure necessary for the planned expansion.
Thiel further highlighted the company's financial readiness, stating, “With our current liquidity position, this growth target is also fully funded and there is no need for us to raise additional capital to achieve our objective. By deploying state of the art equipment and our own proprietary technology, we also believe that we can improve our fleet efficiency and approach 21 joules per terahash as we grow to 50 exahash.”
The market has responded positively to Marathon's announcement, with the company’s stock (MARA) experiencing a 4.5% surge in after-hours trading, despite a slight dip on April 25.
