Bitcoin Mining Firm MARA Secures $200M Line of Credit to Potentially Capitalize on Opportunities and for Corporate Purposes

MARA (NASDAQ: MARA), a global firm focused on leveraging digital asset compute to support the energy transformation, announced that it has secured a $200 million line of credit, “collateralized” by a portion of its bitcoin holdings.

MARA explained in an update that it may potentially use the proceeds in order to capitalize on “strategic opportunities” as well as for other general corporate purposes.

MARA, which claims to be one of the largest publicly traded bitcoin (BTC) miners and a key player that supports and secures the Bitcoin ecosystem, recently released unaudited BTC production updates for September 2024.

Fred Thiel, MARA’s chairman and CEO revealed that during September, the strength of their “diversified” operations was evident as they managed to achieve considerable uptime and increased their energized hash rate to 36.9 EH/s, reflecting 5% growth from August.

Thiel also noted that block wins during the month increased 6% from August while BTC production grew 5% to 705 BTC.

Thiel added that they’re pleased to have “surpassed a marathon” worth of bitcoin HODL in September and currently have “almost 27,000 BTC on our balance sheet.”

Thiel also shared that they remain on track to reach their target of 50 EH/s by the end of 2024.

Thiel added that their team continues to energize their owned sites and operate them more efficiently than originally planned.

Thiel pointed out that the conversion of their Granbury data center from air cooled to MARA’s immersion containers is “progressing on time and we expect this work to be completed before year end.”

Thiel also said they’re pleased to be among the “first” publicly traded digital asset compute company to submit a disclosure to the Climate Disclosure Project (CDP), “reinforcing their commitment to environmental transparency and corporate responsibility.



Sponsored Links by DQ Promote

 

 

Send this to a friend