Necessary Bitcoin mining company Marathon Digital talked about it has taken proactive measures to enhance its liquidity web page.

In a Jan. 5 substitute, Marathon Digital announced a brand fresh chronicle in quarterly Bitcoin production, ending Q4 2022 with a total of 1,562 BTC mined.

The company talked about it had increased its unrestricted cash holdings to $103.7 million and unrestricted Bitcoin holdings to 7,815 BTC as of Dec. 31.

A factual amount of this unrestricted Bitcoin got right here from liberating up its collateral tasks to Silvergate Capital, a publicly traded U.S. bank that deals with cryptocurrency.

Marathon freed up 3,615 BTC which was pledged as collateral in opposition to revolver loans to Silvergate, by fully paying them off for $30 million in December.

“Given the macroeconomic uncertainty heading into 2023, we decided to fully pay down outstanding balances below our revolving credit agreement,” talked about Marathon.

Marathon seems to be one in all the exclusively Bitcoin miners operational as of late that has no longer been struck by rising headwinds of a declining crypto market and increased costs. deal of Bitcoin miners, including the greatest publicly traded miner by hash price, Core Scientific, filed for economic waste over the previous few months after reporting mountainous losses and insufficient liquidity.

Meanwhile, Silvergate has been compelled to promote $5.2 billion worth of its sources for cash at a $718 million loss to generate liquidity for its steadiness sheet, in line with a file from The Wall Avenue Journal. Silvergate’s customers pulled $8 billion worth of deposits from the bank after FTX’s crumple in November.

Silvergate’s role in facilitating the transfer of FTX person funds to Alameda Learn has also change into the subject of scrutiny from U.S. lawmakers. On Dec. 6, NBC Files reported that Senators Elizabeth Warren, John Kennedy and Roger Marshall requested Silvergate CEO Alan Lane to provide basic aspects on its relationship with FTX and its connected entities.

In step with Lane, Silvergate performed “critical due diligence” on FTX and Alameda and didn’t detect any regarding exercise via the technique.

Silvergate shares declined 42% at the time of markets’ closing on Thursday.