Marathon Digital revises its 2024 hash rate target from 35-37 EH/s to 50 EH/s, signifying a substantial increase in computational power.

• Marathon Digital boosts its 2024 hash rate target by 100%.
• The company plans to achieve 50 EH/s by leveraging recent acquisitions and machine orders.
• Marathon’s chairman confirms the growth target is fully funded, requiring no additional capital.
• Movement Labs secures $38 million in Series A funding to advance blockchain development projects.

Marathon Digital, a prominent Bitcoin miner, has announced a significant revision to its 2024 hash rate target. Initially projected to reach 35-37 EH/s, the company now aims to achieve a hash rate of 50 EH/s by the end of the fiscal year, marking a doubling of its mining operations’ scale. Fred Thiel, Marathon’s chairman and CEO, attributes this optimistic outlook to the substantial capacity available post-acquisitions and the hash rate accessible through existing machine orders and options. Notably, Marathon assures stakeholders that the ambitious growth target is fully funded, obviating the necessity for additional capital.

Marathon’s Strategic Moves

Earlier this year, Marathon Digital bolstered its mining capabilities through strategic acquisitions. In a notable transaction valued at $178 million, the company acquired two Bitcoin mining facilities located in Texas and Nebraska. Subsequently, Marathon further expanded its foothold in the industry by purchasing a Bitcoin mining facility from Applied Digital for $87.3 million in cash. These acquisitions, coupled with Marathon’s robust financial position boasting approximately $1.1 billion in cash and Bitcoin reserves, position the company favorably to pursue its aggressive growth trajectory.

Regulatory Challenges in Cryptocurrency Space

Meanwhile, regulatory scrutiny in the cryptocurrency sector has prompted actions from industry players. ZkSNACKs, the developer behind the Wasabi Wallet, has announced the discontinuation of its services for U.S. customers following regulatory pressure. This decision follows recent crackdowns on self-custodial cryptocurrency wallet providers by U.S. authorities, impacting platforms like Metamask and Samourai Wallet.

Movement Labs Secures Funding for Blockchain Development

On a separate front, Movement Labs, a blockchain development firm based in San Francisco, has successfully raised $38 million in a Series A financing round led by Polychain Capital. The funding infusion will support Movement Labs in its endeavors to integrate Facebook’s Move Virtual Machine into Ethereum, address smart contract vulnerabilities, and enhance transaction throughput, further contributing to the evolution of blockchain technology.