Marathon Digital Unveils Aggressive Expansion Plans, Aiming to Double Bitcoin Mining Capacity in 2024

Bitcoin miner Marathon Digital Holdings plans to double its mining capacity to 50 EH/s by the end of 2024. Meanwhile, Wasabi Wallet announced it will stop providing services to US customers following recent legal actions. In other news, blockchain developer Movement Labs has secured $38 million in Series A funding led by Polychain Capital.

Marathon Digital Announces Ambitious Expansion Plans, Doubling Bitcoin Mining Capacity in 2024

In a significant development for the cryptocurrency mining industry, Marathon Digital Holdings, Inc. (MARA), a leading Bitcoin miner, has unveiled plans to double its mining capacity by the end of 2024. This bold move represents a 100% increase in hash rate, a metric that measures the computational power of a mining operation.

The company's initial target for 2024 was to achieve a hash rate of 35-37 exahashes per second (EH/s). However, given recent acquisitions and access to additional hardware, Marathon has revised its goal to an ambitious 50 EH/s.

"Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon's mining operations in 2024 and achieve 50 exahash by the end of the year," stated Fred Thiel, Marathon's Chairman and CEO.

Thiel emphasized that this growth target is fully funded by Marathon's current liquidity position, eliminating the need for additional capital raises. The company's balance sheet boasts approximately $1.1 billion in cash and Bitcoin, providing ample financial resources for further acquisitions.

Marathon's expansion plans have been fueled by strategic investments in Bitcoin mining facilities and hardware. In February, the company acquired two plants in Texas and Nebraska for $178 million. Subsequently, in March, Marathon purchased a third facility from Applied Digital for $87.3 million.

Wasabi Wallet Exits US Market Amid Regulatory Pressure

In a separate development, Wasabi Wallet, a popular privacy-focused cryptocurrency wallet, has announced that it will discontinue services for US customers. This decision follows a recent crackdown by US authorities on two other self-custodial wallet providers, Consensys and Samourai Wallet.

"In light of recent announcements by U.S. authorities, zkSNACKs is now strictly prohibiting U.S. users from using its services," the company stated in a blog post.

Blockchain Developer Movement Labs Secures $38 Million in Funding

Movement Labs, a San Francisco-based blockchain development team, has successfully raised $38 million in a Series A financing round led by Polychain Capital. The company's mission is to enhance the functionality and security of Ethereum, particularly by integrating Facebook's Move Virtual Machine.

The funding will support Movement Labs' efforts to address smart contract vulnerabilities, optimize transaction throughput, and enhance the overall user experience on the Ethereum blockchain.

Crypto Market Movers

As of the time of writing, the cryptocurrency market is exhibiting a modest uptrend:

• Bitcoin (BTC) has risen by 0.35%, currently trading at $63,645.00.
• Ethereum (ETH) has experienced a more significant gain, increasing by 1.78% to $3,310.94.

Essential Reading for Crypto Enthusiasts

To stay up-to-date on the latest developments in the cryptocurrency industry, consider the following recommended readings:

• "DOJ Challenges Motion to Dismiss Tornado Cash Co-founder's Charges" - Cointelegraph
• "Franklin Templeton's $380m BENJI Token Upgrade Is Just for Institutional Investors - for Now" - DL News
• "Upbit Rides Korea Crypto Boom to Top-Five Global Exchange Spot" - Bloomberg