Marathon, a mining company, nearly doubled its Bitcoin production in the third quarter, and announced that it has borrowed another $100 million to purchase more mining machines.

The Bitcoin mining company Marathon Digital Holdings announced that it has secured a $100 million credit facility from the U.S. crypto-friendly bank Silvergate, with Bitcoin and U.S. dollars as collateral. This loan will be used to fund the company's mining operations and purchase new equipment.

Marathon Digital CEO Fred Thiel is optimistic that by mid-2022, the company will be able to expand its hash rate to 13.3 EH/s.

Marathon Digital reported that for the third quarter of 2021, the company produced over 1,252 bitcoins, with 340.6 bitcoins produced in September alone, representing a 91% increase from the second quarter.

The increase in bitcoin production came after acquiring 26,960 ASIC miners from Bitmain, with an additional 8,459 miners expected to be added soon. The current operation generates a hash rate of approximately 2.7 EH/s.

As of June 30, investment manager BlackRock owned 6.71% of Marathon Digital shares, while Fidelity Investments acquired 7.4% of the company's shares in July for $20 million.

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