{"id":549909,"date":"2023-02-09T19:30:00","date_gmt":"2023-02-09T16:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitfarms-settles-outstanding-loan-with-blockfi-for-7-75m\/"},"modified":"2023-02-09T19:30:00","modified_gmt":"2023-02-09T16:30:00","slug":"bitfarms-settles-outstanding-loan-with-blockfi-for-7-75m","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitfarms-settles-outstanding-loan-with-blockfi-for-7-75m\/","title":{"rendered":"# Bitfarms settles outstanding loan with BlockFi for $7.75M"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2910b4a79ce\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2910b4a79ce\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitfarms-settles-outstanding-loan-with-blockfi-for-7-75m\/#%E2%80%9D_Bitfarms_settles_outstanding_loan_with_BlockFi_for_775M_%E2%80%9C\" >&#8221; Bitfarms settles outstanding loan with BlockFi for $7.75M  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitfarms_settles_outstanding_loan_with_BlockFi_for_775M_%E2%80%9C\"><\/span>&#8221; Bitfarms settles outstanding loan with BlockFi for $7.75M  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNDFiNDliZTQtMDFmMi00M2MxLTgxNTItYjNlZDkxNjYxOGI3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Bitcoin (BTC) miner Bitfarms has settled its debt obligations with BlockFi, closing the chapter on its short relationship with the bankrupt cryptocurrency lender.\u00a0<\/p>\n<p>On Feb. 9, Bitfarms <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/02\/09\/2604825\/0\/en\/Bitfarms-Pays-Off-21M-Debt-Obligations-for-7-75M-in-Cash.html\">disclosed<\/a> 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. <\/p>\n<p>\u201cCombined with the earlier restructuring and elimination of our capital expenditure obligations in December, this successful negotiation and settlement furthers our initiatives to reduce indebtedness,\u201d said Jeff Lucas, Bitfarms\u2019 chief financial officer. <\/p>\n<p>Bitfarms\u2019 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. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitfarms?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitfarms<\/a> 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.<\/p>\n<p> Press Release: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QBD84U5NwA\">https:\/\/t.co\/QBD84U5NwA<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/x9Ahug7Nkp\">pic.twitter.com\/x9Ahug7Nkp<\/a><\/p>\n<p>\u2014 Bitfarms (@Bitfarms_io) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Bitfarms_io\/status\/1623688818313363458?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Following the settlement, all of Backbone\u2019s assets, including 6,100 miners, are unencumbered. <\/p>\n<p>Cointelegraph reported on Jan. 13 that Bitfarms was seeking to modify its loan agreement with BlockFi to obtain \u201cmore favorable terms\u201d and reduce Backbone Mining\u2019s obligations. The original loan facility was secured against Backbone Mining\u2019s assets, including its mining equipment and a percentage of the Bitcoin its rigs produced. The assets securing Backbone Mining\u2019s loan dropped significantly during the bear market. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Blockstream raises $125M to finance expanded Bitcoin mining operations<\/em><\/strong><\/p>\n<p>BlockFi filed for Chapter 11 bankruptcy on Nov. 28, mere weeks after the collapse of crypto exchange FTX. The lender received a $240 million rescue package from FTX US in July 2022, so its fate was seemingly tied to the health of Sam Bankman-Fried\u2019s crypto empire. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitfarms-settles-outstanding-loan-with-blockfi-for-7-75m\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitfarms settles outstanding loan with BlockFi for $7.75M &#8220; Bitcoin (BTC) miner Bitfarms has settled its debt obligations with BlockFi, closing the chapter on its short relationship with the bankrupt cryptocurrency lender.\u00a0 On Feb. 9, Bitfarms disclosed that it had settled its $21 million debt obligations with BlockFi for a single $7.75 million cash&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/41b49be4-01f2-43c1-8152-b3ed916618b7.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,75042,4978,117,73808],"class_list":["post-549909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-mining","tag-bankruptcy","tag-business","tag-loans"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=549909"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549910"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}