Bitcoin mining marathon has increased its 2024 hash rate target to 50 EH/s.

Bitcoin mining firm Marathon Digital has announced a 2024 hash rate increase from 35-37 exahashes per second to 50 EH/s.

“In terms of the amount of capacity we have after recent purchases and hash rate […] “We now believe it is possible to double Marathon's mining operations by 2024,” explained Marathon CEO Fred Thiel.

Thiel said the target will be “fully funded” as the company does not need to raise additional capital to meet the new target hash rate.

The firm recently purchased a 200 megawatt bitcoin mining center from Digital for $87.3 million in March and two additional mining sites, totaling 390 megawatts, from Generate Capital last December for $179 million.

Marathon currently boasts a hash rate of 24.7 EH/s for its Bitcoin mining effort, according to the Hashrate Index, topping the Core Scientific and Riot Platform platforms at 16.9 EH/s and 12.4 EH/s.

If Marathon reaches its 50 EH/s target, it will represent a more than 100% increase in the company's hash rate since early 2024.

Shares of Marathon ( MARA ) fell 0.42% to $19.01 on April 25 but were up 4.5% in afternoon trading following the announcement, according to Google Finance.

Marathon is up more than 15% since its fourth Bitcoin halving event at block 840,000 on April 20 — an increase in line with other miners in the industry.

Related: Jack Dorsey's Block Announces Development of ‘Full Bitcoin Mining System'

When the block subsidy was halved to 3.125 bitcoins – roughly $200,000 at current prices – miners benefited, recording an average transaction fee of $128 per half day.

Much of the initial interest in block 840,000 came from memecoin and invincible token enthusiasts competing to write and mine “rare satoshis” via the Runes protocol.

However, trading fees have since dropped to $28.20, according to YCharts, citing April 24 data.

Magazine: Get Bitcoin or die tryin: Why hip hop stars love crypto