Marathon Boosts Bitcoin Production by 91% in Q3

Nasdaq-listed mining company Marathon Digital Holdings mined 1,254.4 BTC in July–September, up 91% from the second quarter. The firm also agreed with Silvergate Bank to open a $100 million revolving credit line.

The company’s wallets hold 7,035 BTC, worth $336.3 million, according to Marathon. The figure includes 4,812.66 BTC, acquired in January at an average of $31,168. In September, Marathon mined an additional 340.6 BTC.

As of October 1, the company had received 26,960 ASIC miners from Bitmain. It expects delivery of another 8,459 machines. Due to global supply-chain disruptions, delivery is expected in mid-2022. By that time Marathon aims to grow its device fleet from 25,272 to 133,000, and their total hashrate from 2.7 EH/s to 13.3 EH/s.

Funds under the Silvergate Bank revolving credit line may be used by Marathon for corporate purposes, including the purchase of Bitcoin mining equipment. The revolving credit line runs for one year with an option to extend.

Earlier in the second quarter, Marathon Digital Holdings rose 220% to $29.3 million. The total number of ASIC devices deployed by the company reached 19,395. Their total hashrate stood at 2.09 EH/s.

On July 22, Fidelity Investments acquired a stake in Marathon Digital Holdings. Forbes valued the deal at $20 million.

In August it emerged that investment firm BlackRock acquired 6.71% of Marathon’s shares for about $207 million.

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