BTC miner Bitfarmers (BITF) is allowed to settle cash with $7.75 million in cash, settling its remaining $21 million debt with bankruptcy lender BlockFi, according to a press release on Thursday.
Since 2022, the miner has been trying to reduce its debt, including selling a large portion of its accumulated BTC assets. In January, the Toronto-based company said it was likely to commit debt to BlockFi, which has only $5 million in property as collateral for loans.
BlockFi, an important lender to the miners, filed for bankruptcy protection under Chapter 11 in November last year because the industry felt the danger of a collapse in FTX, a password trading center.
Geoffrey Johnson, CEO of pit bull farm, said in a news release on Thursday: "reducing our debt from a high of $165 million in June 2022 to $25 million today, reducing our debt by nearly 85%, and significantly reducing our principal and interest liability, this increases our cash flow and prepares you for future growth."
During the bear market, financially leveraged miners struggled to repay lenders, and some borrowings ended up withheld as collateral or led to Chapter 11 bankruptcy.
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
The recent stratospheric rise of Bitcoin, reaching a new all-time high of $73,000, has sent ripples of excitement and trepidation through the crypto world."/>
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023