Marathon Digital, the second-largest Bitcoin storage company globally, has set a new record for cryptocurrency production.
According to Marathon CEO Fred Thiel, the company increased its Bitcoin production by 41% quarter-on-quarter to a remarkable 2,195 BTC.
The month of March was especially fruitful, with a record 825 Bitcoins mined, representing a 21% increase from the previous month.
Throughout 2022, Marathon Digital managed to mine a total of 4,144 Bitcoins. Thiel attributed the success to a 64% increase in operating hashrate in the first quarter of the year and technological upgrades that improved hashrate stability.
Furthermore, the company reduced its debt obligations by $50 million, thanks to a loan repayment that also resulted in an increase in Bitcoin holdings by 3,132, which was used as collateral.
In February, Marathon Digital made its first Bitcoin sale in two years, with the CEO attributing the decision to business development rather than any internal problems.