Marathon Digital has revised its 2024 hash rate goal upwards, from 35-37 exahashes per second (EH/s) to an impressive 50 EH/s. This ambitious adjustment follows recent strategic acquisitions that have significantly expanded the company's mining capacity.

In an April 25 press release, Marathon's CEO, Fred Thiel, expressed confidence in the firm's ability to potentially double its mining scale in 2024, attributing this potential milestone to the added capacity. Thiel also emphasized that the new target would be "fully funded," eliminating the need to raise additional capital.

The company's recent acquisitions have played a pivotal role in this expansion strategy. In March, Marathon acquired a 200-megawatt Bitcoin mining facility from Digital Applied for $87.3 million. Additionally, in December, two additional sites with a combined capacity of 390 megawatts were acquired from Generate Capital for $179 million.

Currently, Marathon's operations boast a hash rate of 24.7 EH/s, positioning it ahead of competitors like Core Scientific and Riot Platforms, which have hash rates of 16.9 EH/s and 12.4 EH/s, respectively, according to Hashrate Index.

If Marathon successfully achieves its 50 EH/s target, it will mark a remarkable increase of more than 100% from the beginning of 2024.

On April 25, Marathon's (MARA) stock experienced a slight decline of 0.42% to $19.01 before rallying 3.05% in after-hours trade following the announcement, as reported by Google Finance.

The company's stock performance has been notably positive since the fourth Bitcoin halving event at block 840,000 on April 20, a trend mirrored by other players in the mining sector.

While the initial demand surge at block 840,000 was driven by memecoin and nonfungible token enthusiasts competing to carve out "rare satoshis" via the Runes protocol, transaction fees have dropped to $28.20 by April 24, according to YCharts.

As the crypto mining sector continues to exhibit robust growth, other Bitcoin mining firms like Riot Platforms are also experiencing significant market movements. Riot's shares surged by over 20% on April 23, buoyed by optimistic evaluations from analysts anticipating substantial growth in the company's financial performance.