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Bitfarms Seeks To Modify Loan Facility With BlockFi As Bear Market Drags On

Bitcoin (BTC) mining company Bitfarms has unveiled plans to modify an existing loan agreement with BlockFi — a move the company said would reduce its indebtedness amid the bear market.

On Jan. 13, Bitfarm disclosed that it is working with creditors to modify a loan agreement for Backbone Mining Solutions, or BMS, which owns and operates Bitfarms’ 20-megawatt mining facility in Washington state. BMS received a $32 million equipment financing loan from Bitcoin lender BlockFi in February 2022. The loan was secured against existing BMS assets, including its miners and a certain percentage of BTC produced by its mining rigs.

When BMS received the loan facility, Bitcoin was trading north of $40,000. The value of the flagship digital asset has since plunged below $20,000, reaching a low of around $15,600 in November, according to data from Cointelegraph Markets Pro and TradingView.

BlockFi Bear Market
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