Share this article
Bitcoin Miner Bitfarms Pays Down $27M of Debt
The miner is trying to improve its liquidity during the crypto market downturn.
Updated May 9, 2023, 4:02 a.m. Published Nov 14, 2022, 5:52 p.m.
Bitcoin miner Bitfarms is trying to reduce its debt burden by paying down loan facilities to lower interest costs and free up collateral as the cryto market downturn puts miners' balance sheets under strain.
The company repaid $15 million of a bitcoin-backed loan facility, possibly the one signed with NYDIG in June, cutting the outstanding value to $23 million and reducing interest costs by an annualized $2 million. It also renegotiated the collateral requirement to free up $5 million of bitcoin and extended the maturity until Dec. 29, the company said in a statement Monday. The miner paid down $12 million of equipment-backed term debt.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Miners have suffered as the declining value of bitcoin has narrowed profit margins, making cash flow and debt obligations the key determinants of their survival. Major firms like Core Scientific (CORZ) and Argo Blockchain (ARBK) have said they are in liquidity crunches, with Core halting payments related to financings in late October and early November. One of the biggest hosting firms, Compute North, filed for bankruptcy in September.
Bitfarms said it has raised $15 million through an at-the-market equity program since the start of the third quarter, and expects another $3.5 million of cash by year-end from the sale of a bitcoin mining site.
The company lowered the cash cost of producing one bitcoin to $14,300 in the third quarter from $17,000 in the second. It reported a net loss of $85 million for the quarter, with its profit margin narrowing to 52%.
Bitfarms sold 2,595 BTC for $56 million throughout the quarter. The miner has been consistently selling bitcoin since June, changing its strategy from "hodl" – or retaining what it mines – in order to deal with market headwinds.
Read more: Bitfarms Looks to Boost Liquidity With Sale of 1,500 Bitcoin, New Loan
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
