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Bitfarms pays $7.75m in cash to settle $21m BlockFi debt – crypto.news
@ubetmobile
Canadian bitcoin mining firm Bitfarms has made a one-time cash fee of $7.75 million to settle a $21 million debt owed to bancrupt crypto lender BlockFi.
As per a Feb. 9 press assertion, Bitfarms and BlockFi amended their earlier mortgage settlement to permit the crypto miner to settle the remaining principal and curiosity stability of $21 million owed to BlockFi for a one-off $7.75 million cash fee.
The assertion indicated BlockFi had given Bitfarms’ US subsidiary, Spine Mining Options (BMS), a $32 million tools financing mortgage on Feb. 18, 2022. BMS owns and operates Bitfarms’ 20-megawatt mining facility primarily based in Washington. The corporate had used Bitfarms’ 6,100 Bitmain S19j professional miners as collateral for the mortgage, however the machines are actually free and clear after the mortgage compensation.
In response to Bitfarms’ chief monetary officer, Jeff Lucas, the mortgage compensation reduces the crypto miner’s debt obligations from the $165 million it owed in June 2022 to only $25 million in lower than 9 months. These figures signify an 85% discount in the crypto miner’s debt burden in the 9 months.
Lucas additionally mentioned the debt compensation, mixed with the restructuring and removing of Bitfarms’ capital expenditure obligations in December final 12 months, enabled the corporate to scale back its debt obligations, enhance liquidity, and increase its monetary flexibility.
As well as, the CFO acknowledged that the corporate’s remaining debt, secured by new mining tools at its Quebec facility, will mature in early 2024. It means the corporate might be debt-free for the subsequent halving occasion, which is set for Might 2024.
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Bankrupt BlockFi plans to public sale off remaining crypto mining loans
Bitfarms’ lender, BlockFi, is one in every of a number of crypto corporations that declared chapter in 2022 as a consequence of a crippling crypto winter and the failure of great crypto corporations resembling Terra Luna, Three Arrows Capital (3AC), and FTX.
The crypto-native lender was a significant financier of the bitcoin mining industry, which hovering power costs and low cryptocurrency costs have battered. Most mortgage amenities BlockFi prolonged to bitcoin miners had been secured by mining rigs, whose values have fluctuated badly in the bear market.
Media studies from earlier in the 12 months indicated that BlockFi supposed to promote roughly $160 million in loans secured by almost 68,000 crypto-mining rigs.
Sources contained in the New Jersey-primarily based firm acknowledged it started the mortgage bidding course of final 12 months. In response to them, some loans have already defaulted and seem to be undercollateralized, given the present costs of bitcoin mining tools.
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Exchanges,Bitfarms,Blockfi,mining
Canadian bitcoin mining firm Bitfarms has paid a one-time cash settlement of $7.75 million to BlockFi, an bancrupt crypto lender, to settle a $21 million debt. Bitfarms had used its 6,100 Bitmain S19j professional miners as collateral for the mortgage. The debt compensation reduces the corporate’s debt obligations from $165 million in June 2022 to $25 million, an 85% discount. This, mixed with the restructuring and removing of Bitfarms’ capital expenditure obligations, has improved liquidity and monetary flexibility. The remaining debt will mature in early 2024, meaning Bitfarms might be debt-free for the subsequent halving occasion in Might 2024. BlockFi is now auctioning off its remaining crypto mining loans, estimated to be value $160 million.
Dave Petchy
