Marathon Digital Holdings is one of the most important Bitcoin (BTC), mining operations in North America. It shared an update that it had been exploring overclocking to improve its competitive edge in the BTC mining market.
Overclocking is the practice of increasing the clock speed of a computer’s central processing unit (CPU) or graphics processing unit (GPU) beyond the manufacturer’s rated maximum speed, potentially leading to improved performance in certain tasks.
According to a press release, Marathon produced 475 BTC was mined in December 2022, which brings its total mining Bitcoin to 4,144 BTC for the fiscal year 2022. This is 30% more than the 3,197 BTC it produced in 2021.
Marathon chairman and CEO Fred Thiel commented on the company’s decision to experiment with overclocking, saying: “These efforts position us to develop our competitive advantages further and become a more efficient and resilient business as we continue to grow.” He added:
“We also took proactive measures to strengthen our liquidity position and enhance the performance of our mining fleet.”
The company currently has 69,000 active miner, capable of producing around 7 exahashes per minute, according to an update.
Related: Silvergate faces a class action lawsuit for FTX and Alameda deals
Marathon Digital’s success in the Bitcoin space can be attributed to its partnership with Silvergate Bank, a financial services company that provides banking and liquidity solutions to the digital currency industry.
On Jan. 5, Cointelegraph reported that Silvergate Bank was forced to sell off its assets at loss and cut staff by 40% to cover $8.1 billion in withdrawals due to a bank run triggered by the sudden collapse of FTX.
On Dec. 16, a class-action lawsuit was filed against Silvergate in an attempt to hold it accountable for its alleged role in the loss of FTX customer funds. The lawsuit alleges that the bank is liable for its involvement in “furthering FTX’s investment fraud.”