As an experienced analyst, I see Marathon Digital’s announcement of increasing its 2024 hash rate target from 35-37 EH/s to 50 EH/s as a significant development in the Bitcoin mining industry. Marathon’s CEO Fred Thiel’s confidence in achieving this target without raising additional capital is noteworthy, given their recent acquisitions of substantial mining capacity.
As an observer, I’d put it this way: Bitcoin mining company Marathon Digital has upgraded its hash rate expansion plans for 2024. Originating from new acquisitions, the firm is now aiming to reach a hash rate of 50 exahashes per second, which represents a significant increase from the initial target of 35-37 EH/s.
As an observer, I’d put it this way: “Marathon’s CEO, Fred Thiel, announced that due to our expanded capacity from recent acquisitions and the current hash rate, we hold the potential to double the size of our mining operations by 2024.”
Thiel stated that the company would reach its goal with sufficient financing, as it didn’t necessitate securing extra capital to attain the new targeted hash rate.
In the past few months, our company has made several significant purchases related to Bitcoin mining. We spent $87.3 million on a 200-megawatt mining center from Digital Applied in March. Additionally, we acquired two more sites, each with a capacity of 195 megawatts, from Generate Capital for a total cost of $179 million in December.
I currently observe Marathon Mining Corp. reporting a hash rate of 24.7 Exahashes per second (EH/s) for its Bitcoin mining activities, making it the leader in this category. Core Scientific and Riot Platforms follow closely with hash rates of 16.9 EH/s and 12.4 EH/s respectively, based on data from Hashrate Index.
Reaching a hash rate of 50 Exahashes per second (EH/s) by Marathon in 2024 would signify over a doubling of the company’s mining capacity from its initial rate established at the year’s beginning.
The price of Marathon’s (MARA) stock decreased by 0.42% to reach $19.01 during regular trading on April 25. However, since the announcement, there has been a surge in after-hours trading, causing an uptick of approximately 4.5%, bringing the current price up according to Google Finance.
Since the Bitcoin halving took place at block 840,000 on April 20, leading to a more than 15% rise in Marathon’s mining operations, this growth aligns with that of other miners within the industry.
On the day of the block subsidy reduction to 3.125 Bitcoins, or approximately $200,000 based on current market prices, miners experienced a remarkable average transaction fee of $128 – resulting in earnings surpassing their usual pre-halving income.
At block 840,000, there was significant interest driven predominantly by meme coin and NFT supporters. They were eager to utilize the Runes protocol to inscribe and mark “rare satoshis” as unique tokens.
However, transaction fees have since fallen to $28.20, according to YCharts, citing April 24 data.
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2024-04-26 06:02