CRYPTO

Silvergate Bank Mining Firm Provides ন 100M Credit Line to Marathon Digital

US-based crypto mining company Marathon Digital Holdings secured a মিল 100 million revolving line of credit with Silvergate Bank using USD and Bitcoin.

According to data provided by Marathon Digital, the mining company acquired a ল 100 million credit line from a crypto-friendly bank on October 10. Marathon Digital says it expects Silvergate to renew its rolling line of annual credit after the initial one-year arrangement.

In addition, Marathon Digital reported that it produced about .5 59.5 million of 1,252 BTC at the time of release – the third quarter of 2021 was minted in September alone with 340.6 BTC, an increase of 91% over Q2. The company is acquiring 26,960 ASIC mining machines from Bitcoin as a result of increased Bitcoin production, with an additional 8,459 expected soon. Its current activity produces a hashrate of about 2.7 EH / sec.

“Although the rate at which we take mining has fluctuated and may continue in the near term, we are optimistic that we are in a good position to scale our hash rate to 13.3 EH / s by mid-2022,” said Marathon. Digital CEO Fred Thiel.

Related: Marathon plans ‘carbon neutral’ data center for digital bitcoin mining

Some major U.S. investors and financial services firms have bought shares in Marathon Digital, according to a filing with the Securities and Exchange Commission. As of June0, investment manager BlackRock owned a 7.11% stake in Marathon Digital, and Fidelity Investments bought a 4.4% stake in the company in July for 20 million.

The quarterly increase in mining production could affect China considering reports of cracking on local miners as well as regulatory measures in crypto. The price of crypto has similarly experienced significant volatility in 2021. According to Cointelegraph Markets Pro, the BTC price rose 1%% last week to 6 62.