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Bitfarms Settles Outstanding Loan With BlockFi for $7.75M

Bitcoin (BTC) miner Bitfarms has settled its debt obligations with BlockFi, closing the chapter on its short relationship with the bankrupt cryptocurrency lender. 

On Feb. 9, Bitfarms disclosed that it had settled its $21 million debt obligations with BlockFi for a single $7.75 million cash payment. The settlement was reached weeks after Bitfarms warned that it might default on its BlockFi loan.

Bitfarms’ relationship with BlockFi centers around Backbone Mining Company, its wholly owned subsidiary in Washington state. Backbone Mining received a $32 million equipment financing loan from BlockFi in February 2022. By Jan. 31, 2023, the outstanding principal and interest on the loan totaled $21 million.

Bitcoin Miner BlockFi
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