2 years ago
Crypto miner Bitfarms has settled a $21 cardinal indebtedness owed to bankrupt crypto lender BlockFi with a one-time currency outgo of $7.75 million, according to a Feb. 9 property statement.
Bitfarm agreed with BlockFi to restructure the indebtedness and wage disconnected the outstanding main and involvement successful 1 transaction.
The archetypal indebtedness is simply a $32 cardinal instrumentality concern installation offered by BlockFi connected Feb. 18, 2022. With the indebtedness repayment, Bitfarms’ 6,100 miners’ collateral for the indebtedness is present unencumbered.
Bitfarms said the indebtedness outgo further reduces its indebtedness obligations from $165 cardinal successful June 2022 to $25 million, representing an 85% alteration successful little than 9 months.
Bitfarms main fiscal serviceman Jeff Lucas said:
“This palmy dialog and colony furthers our initiatives to trim indebtedness, heighten liquidity and summation fiscal flexibility successful enactment with today’s marketplace conditions.”
BlockFi was 1 of the astir salient financiers for crypto miners successful 2021 and 2022, but it present has respective bad debts. Bloomberg reported that the steadfast was looking to merchantability $160 cardinal successful loans to miners.
The station Bitfarms wage disconnected $21M indebtedness with one-time currency outgo of $7.75M appeared archetypal connected CryptoSlate.
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