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

Mining company Marathon Digital said it has fully repaid its debt on revolving credit lines. After that, $103,7 million and more than 7800 BTC remained in her accounts.

The company's bitcoins are used to secure loans, both revolving and one-time. At the end of 2022, Marathon completely closed revolving credit lines, leaving with significant reserves of funds. The number of bitcoins without collateral was 7, and in total, 815 BTC are stored on the company's wallets. Approximately $12 million was paid out.

“Given macroeconomic volatility that will continue into 2023, we have decided to close our revolving loan commitments,” Marathon CEO Fred Thiel said.

Against the background of the crisis of other mining companies, Marathon behaves extremely confidently. For example, data center operators Core Scientific and Compute North are about to go bankrupt, and Argo Blockchain is forced to sell its largest farm. Marathon management continues to grow the business. Then, in November, a pilot project was launched to cool mining equipment with liquid.

Previously, Thiel said that thanks to the preservation of mined BTC, Marathon became the second largest public company in the world in terms of the volume of bitcoins held. Now the equipment hashrate is 7 Eh/s, but in the middle of 2023 it is planned to increase it to 23 Eh/s.