Bitfarms May Default on BlockFi Loan

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Mining firm Bitfarms has just said that it is seeking better terms in order to be able to repay the balance of a $20 million loan from blockchain lending platform BlockFi.

As reported, the company allowed the termination of the repayment, among other actions.

Bitfarms’ Washington State (USA) division entered into an agreement with the platform for a $32 million loan in February.

The subsidiary Backbone Mining Solutions (BMS) operates a 20 MW data center in the region.

The loan was secured by the company’s mining devices and a certain share in the Bitcoins mined. According to BMS, the current value of these assets is approximately $5 million, with a balance of interest and principal payments of approximately $20 million.