- Marathon Digital plans to hit 50 EH/s by doubling Bitcoin mining operations in 2024.
- The company’s post-halving strategy is fueled by recent acquisitions and tech advancements.
- Stable industry hash rates post-halving show resilience against expected drops.
Marathon Digital, a key player in the Bitcoin mining sector, has announced ambitious plans to double its hash rate by the end of 2024. The company began the year with a hash rate of approximately 24.7 exahash per second (EH/s) and initially set a target growth of 46%, aiming for 35-37 EH/s.
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However, recent developments in its operational capacity have prompted an upward revision of these targets. Marathon aims to reach a hash rate of around 50 EH/s by year’s end, fueled by increased machine orders and strategic acquisitions.
Marathon’s Chairman and CEO Fred Thiel expressed confidence in this new target. “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,” he stated. Thiel also noted that this growth is fully funded, eliminating the need for additional capital injections.
Industry Dynamics Post-Halving
The adjustment in Marathon’s strategy comes in the wake of Bitcoin’s fourth halving event, which saw mining rewards halve from 6.25 to 3.125 BTC per block. This development typically prompts a recalibration within the mining industry as companies adapt to lower immediate yields from block rewards.
Despite these challenges, Marathon’s approach reflects a broader optimism among large-scale miners. They continue to invest in more efficient mining rigs, anticipating that technological advancements will offset the reduction in block rewards. Recent industry analysis supports this sentiment, suggesting that large miners maintain robust operations and financial health even as the market absorbs the impacts of the halving.
Moreover, the industry’s hash rate, a measure of total computational power, has remained stable and even shown signs of increase immediately following the halving, contrary to historical trends where it typically dropped.
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