Bitcoin mining firm Marathon Digital Holdings has managed to weather the bear market thanks to a combination of increased hash rate and a price protection approach, according to CEO Fred Thiel. Despite lower Bitcoin prices, Marathon has increased its production, mining a record 2,195 BTC in the first quarter of 2023, worth over $60 million at the time. Thiel claimed the firm’s hash rate is now operating at around 14.0 exhash/second (EH/s), a 74% increase from last year, with a goal of achieving 23.0 EH/s in the coming months. Marathon has also reduced its debt by paying off a term loan with Silvergate Bank, freeing up over $50 million worth of debt and reducing its annual borrowing cost by $5 million. The company is also investing in foreign partnerships, including a joint venture to create a large-scale Bitcoin mining facility in Abu Dhabi.