Marathon Digital Ready To Double Hash Rate
Marathon Digital plans to double its deployed hash rate by 2025, using the “dry powder” on its balance sheet.
The company’s balance sheet consists of $1 billion worth of unrestricted cash and bitcoin, with $319 million in cash and 15,741 bitcoin. CEO Fred Thiel plans to use this to grow its business.
The bitcoin halving event, which occurs every four years, is expected to decrease per-block rewards for bitcoin miners from 6.25 BTC to 3.125 BTC in mid-April.
This reduction in rewards has historically impacted mining activities, increasing operational costs and intensifying competition.
Marathon Digital’s energized hash rate was 26.4 EH/s at the end of January. The company recently acquired mining sites in Kearney, NE and Granbury, TX in a $179 million cash deal.
(With inputs from Shikha Singh)
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