Public bitcoin miners have not grown as fast as expected

Most public bitcoin miners have failed to reach their announced growth potentials in recent months. This is best exemplified by Marathon, which has an operating hashrate of less than half the potential they announced in September 2021.
Source: Production updates (Marathon)

Marathon's current operating hashrate is valued higher than that of other miners because of massive growth expectations.

Although investors still expect Marathon to grow fast, the company has not been nearly as successful in increasing its hashrate as hoped. In September 2021, Marathon announced a hashrate potential of around 10 EH/s by April 2022, based on the delivery schedules of their massive ASIC purchases. Fast forward to April 2022, and Marathon currently has only 3.9 EH/s plugged in.

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