Bitcoin miner Marathon Digital has revised its 2024 hash rate growth target in response to the recent Bitcoin halving event and plans to double its hash rate to 50 exahashes per second (EH/s) by the end of the year.
Marathon Digital Aims to Double Hash Rate After Bitcoin Halving
Originally targeting a hash rate increase of around 46% to reach 35-37 EH/s by the end of 2024, Marathon is now looking to accelerate its operations and leverage recent acquisitions and increased machine orders to reach a fully funded hashrate of 50 EH/s. aims to achieve.
Fred Thiel, Marathon's Chairman and CEO, expressed confidence that the company can meet this ambitious goal without the need for additional capital.
Thiel highlighted the company's liquidity position and the use of state-of-the-art equipment and proprietary technology to increase efficiency as key factors driving this growth.
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The decision to increase activity comes amid the recent Bitcoin halving event, which reduced miners' block subsidy rewards from 6.25 BTC to 3,125 BTC.
What is Hash Rate?
Hash rate refers to the speed at which computers on the network can perform hash calculations. In the context of crypto assets, hash rate indicates the efficiency of the miner's processing power. The speed of the miner's processing power is important when calculating the verified block.
Mining involves multiple hash attempts until the hash output is ready. The hash rate is proportional to the profit generated by the miner. In other words, a high hash rate means that block mining is more likely to occur.
Despite the challenges posed by the halving, Marathon remains optimistic about the future of Bitcoin mining and aims to take advantage of the opportunities emerging in this field.
According to Marathon's Vice President of Corporate Communications Charlie Schumacher, the mining industry has already shown resilience in the face of previous halving events.
Schumacher stated that the industry has been preparing for the halving for years and that he expects the hash rate to continue to rise as miners use more efficient equipment.
*This is not investment advice.
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