{"id":140730,"date":"2021-10-04T18:29:01","date_gmt":"2021-10-04T18:29:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=140730"},"modified":"2021-10-04T18:29:01","modified_gmt":"2021-10-04T18:29:01","slug":"silvergate-bank-issues-100m-credit-line-to-mining-firm-marathon-digital","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/silvergate-bank-issues-100m-credit-line-to-mining-firm-marathon-digital\/","title":{"rendered":"Silvergate Bank issues $100M credit line to mining firm Marathon Digital"},"content":{"rendered":"

Marathon Digital Holdings, a United States-based crypto mining company, has secured a $100 million revolving line of credit with Silvergate Bank using USD and Bitcoin.<\/p>\n

According to information provided by Marathon Digital, 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 (BTC) 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. <\/p>\n

In addition, Marathon Digital reported it had produced more than 1,252 BTC \u2014 roughly $59.5 million at the time of publication \u2014 during the third quarter of 2021, with 340.6 BTC minted in September alone\u2014 a 91% increase over Q2. 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. Its current operations produce a hashrate of roughly 2.7 EH\/s.<\/p>\n

\u201cWhile the rate at which we receive miners has fluctuated and may continue to do so in the near-term, we remain optimistic that we are well-positioned to scale our hash rate to 13.3 EH\/s by the middle of 2022,\u201d said Marathon Digital CEO Fred Thiel. <\/p>\n

Related: <\/em><\/strong>Marathon Digital plans \u2018carbon neutral\u2019 data center for Bitcoin mining<\/em><\/strong><\/p>\n

Some major U.S. investment managers and financial services firms have purchased stakes in Marathon Digital, according to filings with the Securities and Exchange Commission. As of June 30, investment manager BlackRock owned a 6.71% stake in Marathon Digital, while Fidelity Investments purchased a 7.4% stake in the company for $20 million in July. <\/p>\n

The increase in quarterly mining production could have been affected by reports of China cracking down on local miners as well as its consideration of regulatory actions on crypto. Crypto prices have likewise experienced significant volatility in 2021. According to data from Cointelegraph Markets Pro, the BTC price has risen by 16% in the last week to reach $47,627 at the time of publication.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Marathon Digital Holdings, a United States-based crypto<\/p>\n","protected":false},"author":3,"featured_media":140729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSilvergate Bank issues $100M credit line to mining firm Marathon Digital - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/silvergate-bank-issues-100m-credit-line-to-mining-firm-marathon-digital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silvergate Bank issues $100M credit line to mining firm Marathon Digital - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Marathon Digital Holdings, a United States-based crypto\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/silvergate-bank-issues-100m-credit-line-to-mining-firm-marathon-digital\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-04T18:29:01+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/10\/Silvergate-Bank-issues-100M-credit-line-to-mining-firm-Marathon-Digital.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/silvergate-bank-issues-100m-credit-line-to-mining-firm-marathon-digital\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/silvergate-bank-issues-100m-credit-line-to-mining-firm-marathon-digital\/\",\"name\":\"Silvergate Bank issues $100M credit line to mining firm Marathon Digital - 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