Bitcoin mining company Marathon Digital terminates credit services with Silvergate

ChainCatcher news, Bitcoin mining company Marathon Digital Holdings announced that it has reduced its debt by $50 million by repaying a term loan and terminating credit services through the liquidation of Silvergate Bank. Marathon's Chief Financial Officer Hugh Gallagher stated in a statement on Wednesday: Given the current cash situation, it is in the company's best interest to prepay the term loan and cancel the term loan and (revolving credit facility) arrangements.

Previous report, Silvergate Capital announced it would shut down operations and voluntarily liquidate Silvergate Bank. This news from Marathon was released shortly after Silvergate announced the end of its operations. (The Block)