Marathon Digital, a mining company, receives a $100 million credit line from Silvergate Bank.
Marathon Digital, a US-based mining company, has been able to secure $100 million in line of credit from Silveragte bank. The crypto-friendly bank has been investing heavily into the DeFi systems and the credit supplied will be used to buy mining equipment.
These funds will also be used to fund mining operations and the company expects a renewal after 1 year of the contract. With traditional financial institutions also investing heavily in the new age of cryptocurrencies, it is only a matter of time before all of them are adopted.
Marathon Digital has produced bitcoins worth $60 million or 1252 BTC at this point in time. The firm mined 340.6 BTC in September itself, which is a 91% increase over their Q2. This was because of the 26,960 ASIC machines that they have acquired recently. On top of that, they are supposed to add another 8.459 miners to their arsenal.
With a hash rate of 2.7 EH/s, they are optimistic that they will be able to raise this rate to 13.3 EH/s by mid-2022. The firm also plans to be a carbon-neutral Bitcoin miner in the future amidst the energy crisis that is prevailing in the world right now.
Seeing this vision of Marathon Digital, many institutes have invested in the company in the hope of bolstering the DeFi systems in the country. If you have been planning to buy some crypto tokens or coins, this is the best time to do so. With crypto expanding aggressively, there is a chance that it might be out of many people’s reach in some time.