Marathon Digital Holdings which is a crypto mining company, has secured a $100 million revolving line of credit with Silvergate Bank using USD and Bitcoin.
The mining firm obtained the $100 million credit line from the crypto-friendly bank on Friday. The company will use the credit to purchase Bitcoin mining equipment and fund its mining operations. Marathon Digital said it expects Silvergate to renew the revolving line of credit annually after the initial one-year arrangement.
Marathon Digital stated it had produced more than 1,252 BTC which is roughly $59.5 million at the time of publication and during the third quarter of 2021, with 340.6 BTC minted in September alone. The increase in Bitcoin production follows the firm acquisition of 26,960 ASIC mining machines from Bitmain, with an additional 8,459 miners expected soon.
Some major U.S. investment managers and financial services firms have purchased stakes in Marathon Digital and according to filings with the Securities and Exchange Commission. As of June 30, investment manager BlackRock owned a 6.71% stake in Marathon Digital.
