Bitfarms seeks to change loan facility with BlockFi as endure market drags on

Bitfarms seeks to alter loan facility with BlockFi as endure market drags on

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Bitcoin (BTC) mining firm Bitfarms has unveiled plans to alter an existing loan agreement with BlockFi — a chase the firm acknowledged would minimize its indebtedness amid the endure market.

On Jan. 13, Bitfarm disclosed that it is working with creditors to alter a loan agreement for Backbone Mining Solutions, or BMS, which owns and operates Bitfarms’ 20-megawatt mining facility in Washington exclaim. BMS obtained a $32 million instruments financing loan from Bitcoin lender BlockFi in February 2022. The loan became secured in opposition to existing BMS sources, including its miners and a determined share of BTC produced by its mining rigs.

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