Marathon Ups Hash Rate Target as Bitcoin Mining Difficulty Drops

Marathon Digital Holdings has increased its 2024 hash rate target from 35-37 EH/s to 50 exahash, a significant expansion in its mining capacity. The company began 2024 with 24.7 EH/s energized. In contrast, Foundry USA saw its hashrate drop from 400 EH/s to 198 EH/s due to the same winter storms.

The Bitcoin mining difficulty fell 10.09% in June from 138.96 trillion to 124.93 trillion, a decline that followed an 11.16% drop in February. This was the second largest negative adjustment of 2026. Hashprice sat around $32 to $33 per PH/s per day.

The gap between the estimated production cost and market price has forced many miners to sell their holdings to fund operations, making it a challenging time for low rewards. Marathon reported a trailing twelve-month net income of $927 million, but its debt to equity ratio is 140.16, significantly higher than Riot's 40.03.

Marathon trades at 3.5x earnings and has a price to book of 2.76, whereas Riot trades at 31.3x earnings and has a price to book of 3.70. Marathon's market cap is $3.53 billion, while Riot's market cap is $4.72 billion.