Marathon Digital Increases Hash Rate by 74% Amid Bear Market

In a bear market, Marathon Digital’s hash rate has increased by 74%.

Marathon Digital Holdings, a Bitcoin mining company, has implemented a strategy to mitigate the impact of the bear market. CEO Fred Thiel revealed that the company has increased its hash rate by 74% and aims to reach 23.0 EH/s soon. Marathon also reduced its net loss in Q1 2023 to $7.2 million from $12.9 million in Q1 2022. The firm paid off a term loan, eliminating $50 million in debt, and deployed price protection measures to cope with declining Bitcoin prices. Additionally, Marathon announced a partnership to establish a large-scale mining facility in Abu Dhabi.