based in Canada cryptocurrency The mining company has drastically reduced its debt liability in the past 8 months.
country’s largest bitcoin Bitfarms, one of the mining startups, has closed its relationship with the crypto debt platform BlockFi, which went bankrupt last year, closing its relationship.
#bitfarms has modified its loan agreement with BlockFi Lending LLC (Blockfi), to settle all outstanding principal and interest due totaling $21 million for a single cash payment of $7.75 million.
🔗 Press Release: https://t.co/QBD84U5NwA pic.twitter.com/x9Ahug7Nkp
— Bitfarms (@Bitfarms_io) February 9, 2023
bitarms officials announced that they closed the $21 million loan with BlockFi on February 9, 2023, with an immediate cash payment of $7.75 million. In the past weeks, it was claimed that Bitfarms would be in default by failing to pay its debts.
Bitfarms manager Jeff Lucas made the following statement after the payment agreement:
“Our idea to reduce our capital liabilities by restructuring in December, the successful negotiation and settlement with BlockFi shows that our debt reduction initiatives are progressing.”
Bitcoin mining company’s crypto lender BlockFi started with the subsidiary company Backbone Mining, which operates in the USA.
Backbone Mining received a $32 million loan for equipment from BlockFi exactly one year ago. Despite the difficult market conditions, the company has reduced its debt to $21 million to date, although not as much as expected.
It seems that many companies that are about to go bankrupt, especially with the rise in crypto money prices, have survived this situation. This is a very positive situation for the industry.
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