Bitfarms pays off $21M debt obligations for $7.75M in cash

Bitfarms has modified its loan agreement with BlockFi Lending, to settle all outstanding principal and interest due totaling $21M for a single cash payment of $7.75M. On February 18, 2022, Bitfarms’ wholly owned US-based subsidiary, Backbone Mining Solutions, entered into a $32M equipment financing facility with BlockFi. BMS owns and operates Bitfarms’ 20-megawatt active crypto mining facilities in the State of Washington. At January 31, 2023, outstanding principal and accrued interest on the BlockFi equipment loan facility totalled $21M. On February 8, 2023, BlockFi retired the BMS loan in its entirety and discharged all further obligations for consideration of $7.75M in cash. Subsequent to the settlement, all of BMS’ assets, including 6,100 miners, are unencumbered.