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

Argo Blockchain to Buy 20,000 Mining Machines for West Texas Data Center

Marathon Digital Holdings 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 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.
  • So far, Marathon Digital said it has received 26,960 top-tier ASIC miners from Bitmain year to date, 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.

Read more: Marathon Digital to Buy $121M of Mining Machines From Bitmain

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