Bitfarms managed to reach an agreement with BlockFi’s lender

As a result of the agreements reached, interest payments of $21 million were settled. The creditor accepted $7.75 million.

The contract was signed amid claims by Bitfarms may be able to pay for all debts.

A restructuring to waive capital commitments helped significantly reduced the sum of the debt through the negotiations.

The total is down 85%: to $25 million from a high of $165 million.

The remaining debt is secured by cryptocurrency mining devices. Repayment is required no earlier than 2024, allowing us to operate without encumbrances until maturity.

Note that BlockFi announced its bankruptcy almost immediately when the crypto exchange FTX collapsed last year. The company had previously got $240 million in bailout support from the cryptocurrency exchange. BlockFi is currently attempting to recover customer funds that were blocked in November by filing a motion to allow users to withdraw digital currency.