Marathon Digital (NASDAQ: MARA) intends to dramatically increase its computing power post-halving. The company this morning indicated that it has expanded its hash rate target for FY24.
The target has increased from 35-37 EH/s by the end of fiscal 2024 to that of 50 EH/s, an increase of 39% based on the midpoint of the prior target. The new target represents a doubling of the 24.7 EH/s in computing capacity that Marathon held at the start of the fiscal year.
The planned expansion is said to be fully funded based on the current liquidity position of the company, and is based on current machine orders and available capacity, which follows recent acquisitions conducted by Marathon.
READ: Marathon Digital Adds 15 Million Shares To Compensation Package For Management
“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,” commented CEO Fred Thiel.
For comparison, Bitfarms (NASDAQ: BITF) has targeted 21 EH/s in computing power by the end of 2024, while Riot Blockchain (NASDAQ: RIOT) expects to hit 21 EH/s by year end.
Marathon Digital last traded at $19.01 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
