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Finance

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.

By Tanzeel Akhtar
AccessTimeIconOct 4, 2021 at 1:26 p.m. UTC
Updated May 11, 2023 at 5:50 p.m. UTC
Mining, Bitcoin miners, fans
Mining, Bitcoin miners, fans

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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar
    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.

    Follow @Tanzeel_Akhtar on Twitter