Bitcoin miner Marathon Digital has raised its 2024 hash rate growth target in response to Bitcoin’s fourth halving event, which reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC.
“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.
CEOs at leading Bitcoin mining firms remain "upbeat" for this halving cycle despite generally failing to outperform bitcoin year-to-date, according to analysts at research and brokerage firm Bernstein. The analysts suggested earlier this month that the recent underperformance was due to strong U.S. spot Bitcoin exchange-traded fund flows “sucking away” retail liquidity from miner stocks and concern regarding the halving’s impact on miners’ revenue.
Marathon traded for $19.01 at market close on Thursday, down 0.4% for the day but up around 25% in the trading days following the halving, according to TradingView.
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Bitcoin miner Marathon increases 2024 hash rate target to 50 EH/sBitcoin mining firm Marathon Digital has revised its end-of-2024 hash rate target from 35-37 to 50 EH/s — which the firm says it can reach without raising additional capital.
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