Marathon Digital Holdings, Inc. (NASDAQ:MARA), which claims to be one of the world’s largest publicly traded Bitcoin miners and a firm focused on supporting and securing the Bitcoin ecosystem, announced that the company is “increasing its hash rate target for fiscal year 2024 from 35-37 EH/s to 50 EH/s.”
Marathon began 2024 with “approximately 24.7 EH/s energized and had been planning to grow its hash rate by approximately 46% to 35-37 EH/s by the end of the year.”
Based on current machine orders and available capacity following its recent acquisitions, Marathon now “expects to grow its operations to approximately 50 EH/s by the end of 2024.”
The new target represents “approximately 100% growth in hash rate during 2024 and is fully funded based on Marathon’s current liquidity position.”
Fred Thiel, Marathon’s chairman and CEO said:
“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. 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.”
As covered, Marathon is a digital asset technology company that “focuses on supporting and securing the Bitcoin ecosystem.”
The company is currently in “the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.”
As covered, Marathon Digital Holdings recently announced the appointment of Manoj Narender Madnani as Managing Director for the EMEA Region, where he will oversee Marathon’s strategic expansion opportunities in Europe, the Middle East, Asia, and other regions.
Manoj Narender Madnani reportedly brings to Marathon “an extensive background in international business development and global joint ventures, with a proven track record in corporate finance, international transactions, and strategy across key sectors such as energy, AI technology, media, hospitality, and retail.”
His previous roles include Managing Director “of Kulczyk Investments SA, where he was responsible for the global energy and infrastructure footprint, and CEO and Co-Founder of Beacon Media, a pioneering media and entertainment firm.”