Bitcoin Miner Raises Marathon 2024 Hash Rate Target to 50 EH/s!

Bitcoin mining firm Marathon has recently released their hash rate targets and the firm has announced that it has increased its 2024 hash rate target from 35-37 exhashes per second to currently 50 EH/s. . And this growth currently refers to increased capacity following recent acquisitions. And about this, Marathon CEO Fred Thiel expressed his opinion and also explained. He explained this by claiming that they will be able to double the scale of Marathon's mining operations this year with the amount of capacity and hash rate they have after their recent acquisition. That's what Marathon's CEO believes, and says that with the power and hashrate they have after the acquisition, it's possible for them to double the scale of Marathon's mining operations.

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He even announced that they would not need to raise additional capital to double their mining. Because they will have targets to achieve the hash rate and hence they will be fully funded. An important point here is that their recent acquisition of the firm includes a 200 MW Bitcoin mining center. Which they bought and they had to spend about 87.3 million dollars for it. They even bought this bitcoin mining center from Digital Applied. And that's why Marathon's CEO is so confident and has even more reason to be confident because they have two additional mining sites. Which is a total of 390 megawatt bitcoin mining centers. And that's why the company prides itself on the hash rates it has.

Marathon currently has a hash rate of 24.7 EH/s for its Bitcoin mining efforts. with Core Scientific and Riot platforms filling the podium at 16.9 EH/s and 12.4 EH/s respectively. But given the amount of hash rate targets the company is currently working on if they reach that target they will mark over a 100% increase in their firm's hash rate. Because Marathon has made new announcements to reach its 50 EH/s target. But an important point here is that this company has increased by about 4.5% in their hourly trading after such announcement

We know that the Bitcoin halving event was completed on the 20th of this month. And as a result, miners' rewards have been cut in half. However, the block subsidy has halved to 3.125 bitcoins. But the important point here is that miners worth $200,000 at current prices still benefited from a record-setting $128 average transaction fee on the day of the halving. The most interesting thing here is that what they earned before the halving was completed, their earnings after the halving essentially increased on the day the Bitcoin halving was completed.

But here's another important takeaway, most of the initial demand for the blocks that were here came from memecoin and nonfungible token enthusiasts. And such tokens came those who compete to carve and engrave "Rare Satoshis" through Runes Protocol. However, even though the Bitcoin half is currently complete, this new hash rate increase in Marathon is quite surprising. Although the company claims they have enough capacity and everything to make this increase.