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.