Marathon Shares Bitcoin Production Updates, Secures $100 Million RLOC

Bitcoin miner Marathon Digital Holdings has published updates to its bitcoin production and miner installation for September and announced a new $100 million revolving line of credit (RLOC) with Silvergate Bank, according to a press release.

Marathon produced 340.6 new bitcoin during September, a 27% decrease from August. The firm produced 1,252.4 BTC during the third quarter, increasing its production by 91% quarter-over-quarter. The company holds approximately 7,035 bitcoin, worth around $337.7 million at the time of writing.

Bitmain had delivered around 29,960 ASIC rigs to Marathon’s mining operations in Hardin, Montana, as of October 1, 2021. The bitcoin miner said in the release that its current mining fleet consists of 25,272 active machines, producing around 2.7 EH/s of hashrate. Marathon expects all purchased rigs to be delivered by mid-2022, at which time the company expects to have approximately 133,000 miners in its operations.

With the $100 million RLOC secured with Silvergate Bank, Marathon will be able to invest in assets and activities related to its bitcoin mining business, including equipment acquisition. The RLOC is secured by BTC and USD and available for one year but may be renewed annually through an agreement with both companies.

Silvergate is a California-based Federal Reserve member bank that focuses on providing financial infrastructure solutions and services for bitcoin and cryptocurrency companies. As of Q3 2019, the bank had over 750 digital currency and fintech clients.