Formal:
* Diolch yn fawr i chi, fy ffrind. (This is the most formal and literal translation.)
Informal:
* Diolch yn fawr, fy ffrind. (This is a more casual way to say it.)
* Diolch, fy nghyfaill. (This is very informal and uses the term "cyfaill," which is closer to "buddy" or "mate.")
Other options:
* Diolch yn fawr iawn, fy ffrind. (This is a very strong and heartfelt way to say "thank you.")
* Diolch yn fawr iawn am hyn, fy ffrind. (This means "Thank you very much for this, my friend.")
You can choose the best option depending on the context and your relationship with the person.