Business
Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for September 2021
Quarterly Bitcoin Production Increases 91% Quarter-over-Quarter to 1,252.4 BTC as Marathon Secures a $100 Million Revolving Line of Credit with Silvergate
About this update from Mara Holdings, Inc.
[{"type":"text","content":"Quarterly Bitcoin Production Increases 91% Quarter-over-Quarter to 1,252.4 BTC as Marathon Secures a $100 Million Revolving Line of Credit with Silvergate Bank\nLAS VEGAS, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) (\"Marathon\" or \"Company\"), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for September 2021 and announced a new $100 million revolving line of credit (“RLOC”) with Silvergate Bank, a leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da19099a-6fda-410e-912b-c6c637e71221 Corporate Highlights as of October 1, 2021 Produced 1,252.4 new minted bitcoins during Q3 2021, increasing production by 91% quarter-over-quarterProduced 340.6 new minted bitcoins during September 2021, increasing total bitcoin holdings to approximately 7,035 with a fair market value of approximately $336.3 millionCash on hand was approximately $32.9 million and total liquidity, defined as cash and bitcoin holdings, was approximately $369.1 millionReceived approximately 26,960 top-tier ASIC miners from Bitmain year to date with an additional 8,459 ASIC miners currently in transitExisting mining fleet consists of 25,272 active miners producing approximately 2.7 EH/sSuccessfully added DMG Blockchain to MaraPoolOn October 1, 2021, obtained a $100 million revolving line of credit, secured by bitcoin and USD, with Silvergate Bank Bitcoin Production UpdateAs of October 1, 2021, Marathon’s mining fleet has produced approximately 2,098 newly minted bitcoins during 2021. By month, the Company’s bitcoin production was as follows: A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fd698f5-758e-4eac-a252-1e7ec9c49965 Total Network Hashrate Source: https://www.blockchain.com/charts/hash-rate As a result, Marathon currently holds approximately 7,035 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On October 1, 2021, the fair market value of one bitcoin was approximately $47,798, implying that the approximate fair market...