January 27, 2023

Over $100 million left on Marathon Digital accounts after loan payments

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Over $100 million left on Marathon Digital accounts after loan payments

Mining company Marathon Digital said it has fully repaid its revolving credit lines. After that, $103.7 million and over 7,800 BTC remained in her accounts.

The company's bitcoins are used to secureloans, both revolving and one-time. At the end of 2022, Marathon completely closed revolving credit lines, and remained with significant reserves of funds. The number of bitcoins free from collateral was 7,815, and in total, 12,232 BTC are stored on the firm's wallets. About $30 million was paid out.

“Given macroeconomic instability,which will continue into 2023, we have decided to completely eliminate our revolving loan obligations,” said Marathon CEO Fred Thiel.

Against the background of the crisis of other mining companies,Marathon performs extremely confidently. For example, data center operators Core Scientific and Compute North are in the process of bankruptcy, and Argo Blockchain is forced to sell its largest farm. The management of Marathon continues to develop the business. So, in November, a pilot project was launched to cool mining devices with liquid.

Thiel had previously said that thanks to the conservationof mined BTC Marathon has become the second largest public company in the world in terms of stored bitcoins. Now the hashrate of its equipment is 7 Eh/s, but by mid-2023 it is planned to increase it to 23 Eh/s.