Marathon Doubles Loan Borrowing Capacity to 200M as Mining Rigs Sit Idle

Marathon Digital Holdings (MARA) refinanced an existing $100 million line of credit from Silvergate Bank (SI) and added another one of the same size from the same lender, according to a Monday press release, despite having thousands of bitcoin mining rigs sitting idle. Marathon’s ability to refinance stands out because crypto prices have fallen so much this year, putting the company and other bitcoin miners on shakier financial ground. The lending market has also dramatically cooled down as the Federal Reserve raises interest rates.