Marathon’s Bitcoin Holdings Grew Over 7k, Secures $100M Revolving Line of Credit with Silvergate Bank in BTC & USD
Crypto miner Hive reported HODLing 25,000 ETH and 1,030 BTC. It generated 221 BTC and 2,572 Ether in September, while Marathon minted 240.6 new BTC in the same month.
Bitcoin miner Marathon Digital Holdings (Nasdaq: MARA) announced on Monday that it had secured a $100 million revolving line of credit in Bitcoin and USD with Silvergate Bank.
The loan was actually secured on Friday and will be used to fund the company’s bitcoin mining operation and acquire new equipment.
The RLOC will be initially available for one year and may be renewed annually by agreement between both parties.
This was unveiled by the company while sharing production and mining operation updates. Marathon’s quarterly Bitcoin production increased 91% quarter-over-quarter to 1,252.4 BTC.
Last month, it minted 240.6 new BTC, and as a result, its total Bitcoin holdings grew to about 7,035 with a fair market value of $336.3 million in September. The company also holds $32.9 million of cash on hand.
“Our September production figures were impacted by a material increase in the total network’s hash rate, the ‘luck’ factor inherent in bitcoin mining, and two days of scheduled downtime at the Hardin power plant,” said Fred Thiel, Marathon’s CEO.
Marathon Digital also received 26,960 top-tier ASIC mining machines from Bitmain this year, with an additional 8,459 ASIC miners currently in transit. With this, the company’s current mining fleet stands at 25,272 active miners producing approximately 2.7 EH/s.
The Company anticipates all previously purchased miners to be delivered by mid-2022, and at that time, the mining fleet is expected to consist of 133,000 miners, generating 13.3 EH/s.
MARA shares’ value increased more than 200% YTD as the price of bitcoin rose significantly.
Another crypto mining company, HIVE Blockchain Technologies Ltd. (Nasdaq: HIVE), reported its quarterly revenue of $37.2 million for the three-month period ended June 30, 2021, an increase of 11% from the previous quarter and 466% from the same quarter last year.
“The first quarter of fiscal 2022 has continued the momentum that we had in fiscal 2021. It’s been an incredible year for HIVE. Despite the effects of COVID-19 and associated supply chain issues, we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity,” said Frank Holmes, Interim Executive Chairman of HIVE.
In the month of September, Hive mined 221 BTC and 2,572 Ether.
The company sold a small amount of Ethereum to upgrade its equipment with Nvidia’s latest generation of high-performing GPU chips. It now holds a total of 25,000 ETH and 1,030 BTC.