Marathon's CEO, Fred Thiel, stated in a news statement dated April 25 that the company would perhaps quadruple its mining scale in 2024 as a result of the increased capacity.

Thiel also stated that there would be no need to acquire extra funds because the new aim will be "fully funded."

The business recently paid $87.3 million to Digital Applied for the purchase of a 200 megawatt Bitcoin mining plant, and in December, it paid $179 million to Generate Capital for the purchase of two more sites with a total capacity of 390 megawatts.

Marathon's current operations achieve a hash rate of 24.7 EH/s, which, according to Hashrate Index, puts it ahead of Core Scientific and Riot Platforms, which have hash rates of 16.9 EH/s and 12.4 EH/s, respectively.

Marathon's hash rate will have climbed by more than 100% since the start of 2024 if it achieves its 50 EH/s goal.

According to Google Finance, Marathon's (MARA) shares fell 0.42% to $19.01 on April 25 before rising 3.05% in after-hours trading on the news.

Since the fourth Bitcoin halving event occurred at block 840,000 on April 20, Marathon has increased by more than 15%; this pattern has been observed by other miners in the industry.

Memecoin enthusiasts and others interested in nonfungible tokens competed to inscribe and etch "rare satoshis" using the Runes protocol, which drove a large portion of the initial demand at block 840,000.

Transaction costs, according to YCharts, decreased to $28.20 by April 24 despite this spike.

Other Bitcoin mining companies, such as Riot Platforms, are witnessing notable market fluctuations in tandem with the industry's strong development.

Riot's stock jumped more than 20% on April 23 as a result of bullish analyst assessments that predict significant improvement in the company's financial results.