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bitcoin
Bitcoin (BTC) $ 71,215.08
ethereum
Ethereum (ETH) $ 3,668.55
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 606.39
usd-coin
USDC (USDC) $ 0.999564
xrp
XRP (XRP) $ 0.537718
binance-usd
BUSD (BUSD) $ 1.01
dogecoin
Dogecoin (DOGE) $ 0.163107
cardano
Cardano (ADA) $ 0.49924
solana
Solana (SOL) $ 182.38
matic-network
Polygon (MATIC) $ 0.744224
polkadot
Polkadot (DOT) $ 7.52
tron
TRON (TRX) $ 0.123128
More

    Bitfarms repay $21M debt with one-time money cost of $7.75M

    Latest News

    Crypto miner Bitfarms has settled a $21 million debt owed to bankrupt crypto lender BlockFi with a one-time money cost of $7.75 million, in response to a Feb. 9 press assertion.

    Bitfarm agreed with BlockFi to restructure the debt and repay the excellent principal and curiosity in a single transaction.

    The unique mortgage is a $32 million tools finance facility supplied by BlockFi on Feb. 18, 2022. With the mortgage reimbursement, Bitfarms’ 6,100 miners’ collateral for the mortgage is now unencumbered.

    Bitfarms stated the mortgage cost additional reduces its debt obligations from $165 million in June 2022 to $25 million, representing an 85% lower in lower than 9 months.

    Bitfarms chief monetary officer Jeff Lucas stated:

    “This profitable negotiation and settlement furthers our initiatives to cut back indebtedness, improve liquidity and enhance monetary flexibility according to as we speak’s market circumstances.”

    BlockFi was one of the outstanding financiers for crypto miners in 2021 and 2022, however it now has a number of unhealthy money owed. Bloomberg reported that the agency was trying to promote $160 million in loans to miners.

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