{"id":11629,"date":"2021-10-04T21:25:13","date_gmt":"2021-10-04T20:25:13","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11629"},"modified":"2021-10-04T21:25:17","modified_gmt":"2021-10-04T20:25:17","slug":"marathon-digital-holdings-receives-a-100m-credit-line-from-silvergate-bank","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/marathon-digital-holdings-receives-a-100m-credit-line-from-silvergate-bank\/","title":{"rendered":"Marathon Digital Holdings receives a $100M credit line from Silvergate Bank"},"content":{"rendered":"\n
Marathon Digital Holdings<\/a>, a cryptocurrency mining firm based in the US, has received a $100 million revolving line of credit with Silvergate Bank, which will be paid out in USD and Bitcoin.<\/h5>\n\n\n\n
\"Marathon<\/figure>\n\n\n\n

According to Marathon Digital, the mining company received a $100 million credit line from the cryptocurrency-friendly bank on Friday. <\/p>\n\n\n\n

The credit will be used to buy Bitcoin (BTC) mining equipment and fund the company's mining operations. After the first one-year agreement, Marathon Digital \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>expects Silvergate to extend the revolving line of credit annually.<\/p>\n\n\n\n

In addition, Marathon Digital said that during the third quarter of 2021, it created more than 1,252 BTC \u2014 nearly $59.5 million at the time of publication \u2014 with 340.6 BTC minted in September alone, a 91 percent increase over Q2.<\/p>\n\n\n\n

The rise in Bitcoin production follows Bitmain's acquisition of 26,960 ASIC mining rigs, with another 8,459 miners on the way. Its present actions generate around 2.7 EH\/s of hashrate.<\/p>\n\n\n\n

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

According to Securities and Exchange Commission filings, certain prominent U.S. investment managers and financial services firms have purchased Marathon Digital stock.<\/p>\n\n\n\n

Marathon Digital was controlled by investment firm BlackRock as of June 30, and Fidelity Investments purchased a 7.4 percent stake in the company for $20 million in July.<\/p>\n\n\n\n

Reports of China cracking down on domestic miners, as well as its consideration of regulatory moves on crypto<\/a>, could have influenced the increase in quarterly mining production.<\/p>\n\n\n\n

Cryptocurrency prices have also been extremely volatile in 2021. The BTC price has grown by 16 percent in the last week, according to statistics from Cointelegraph Markets Pro, to $47,627 at the time of publication.<\/p>\n","protected":false},"excerpt":{"rendered":"

Marathon Digital Holdings, a cryptocurrency mining firm based in the US, has received a $100 million revolving line of credit with Silvergate Bank, which will be paid out in USD and Bitcoin. According to Marathon Digital, the mining company received a $100 million credit line from the cryptocurrency-friendly bank on Friday. The credit will be […]<\/p>\n","protected":false},"author":12,"featured_media":11630,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4865,4863,370,4864],"class_list":["post-11629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-credit-line","tag-marathon-digital-holdings","tag-mining","tag-silvergate-bank"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/Marathon-Digital-Holdings-receives-a-100M-credit-line-from-Silvergate-Bank.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11629"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11630"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}