Bitcoin miner Marathon Digital announed it has successfully paid off its term loan and put an end to its credit facilities with Silvergate Bank.

This move has resulted in a significant reduction of Marathon's debt, which now stands at $50 million less than before. In addition to this, the company's unrestricted Bitcoin holdings have also increased by 3,132 BTC. 

“Our industry has significantly changed since we put these facilities in place last summer, and we have been adapting our financial strategy accordingly,” said Hugh Gallagher, Marathon’s chief financial officer. “We have been actively building a more robust balance sheet that features increased levels of cash and unrestricted bitcoin holdings. Given our current cash position, we determined that it was in the Company’s best interest to prepay our term loan and eliminate both the term loan and RLOC facilities. As a result, we have reduced our leverage by approximately $50 million, immediately freed up approximately $75 million in bitcoin that was being held as collateral for the term loan, and reduced our annual cash interest costs and facility fees by approximately $5 million.”