Marathon Digital Secures $100M Revolving Line of Credit With Silvergate Bank

The bitcoin mining firm said the loan will be used for operations and to acquire new mining equipment.

Oct 4, 2021 at 1:26 p.m. UTC
Updated Oct 4, 2021 at 2:01 p.m. UTC

Marathon Digital Holdings (Nasdaq: MARA) has secured a $100 million revolving line of credit with Silvergate Bank in bitcoin and U.S. dollars.

  • The loan, which was secured on Friday, will be used to fund the company’s bitcoin mining operations and to acquire new equipment.
  • It will be available for one year and can be renewed annually by agreement between Silvergate Bank and Marathon.
  • Marathon Digital said it has received 26,960 top-tier ASIC mining machines from Bitmain so far this year, with an additional 8,459 ASIC miners currently in transit. Its current mining fleet stands at 25,272 active miners producing approximately 2.7 EH/s.
  • Marathon Digital also published its latest bitcoin production and miner installation updates on Monday. In the third quarter, Marathon increased its bitcoin production by 91% quarter-over-quarter to 1,252 bitcoin, growing its total bitcoin holdings to approximately 7,035 with a fair market value in September of approximately $336.3 million.
  • Marathon shares have increased more than 200% year to date as the price of bitcoin has risen dramatically.

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Tanzeel Akhtar is a CoinDesk news reporter based in Europe.