, the assets securing BMS’ loan have fallen to around $5 million, while the outstanding principal and interest are roughly $20 million.
Bitfarms “determined that it would be advisable to seek more favorable terms from BlockFi and potentially take other steps to reduce the BMS obligations,” the company said.“Considering today’s challenging market conditions, we are seeking to modify our Washington state debt facility to achieve terms that are better aligned with the market outlook and our business strategy.
️ Ben Gagnon, Chief Mining Officer:"In December, we deployed new miners and underclocked our least cost-efficient miners. This improved their efficiency by 15%, resulting in a reduction of nearly 4 MW of power consumption and representing substantial cost savings."
forgeforth_ On Jan. 13, Bitfarm disclosed that it is working with creditors to modify a loan agreement for Backbone Mining Solutions, or BMS, which owns and operates Bitfarms’ 20-megawatt mining facility in Washington state.