The fall in the <a href="https://www.cryptoknowmics.com/news/binance-launches-recovery-fund-for-crypto-projects-facing-liquidity-crisis">cryptocurrency</a> market is straining the financial sheets of miners, therefore <a href="https://www.cryptoknowmics.com/news/bitcoin-miner-argo-failed-to-raise-27-million-fund-shares-fall">bitcoin miner</a> Bitfarms is attempting to lessen its debt load by paying off the debt lending facilities to decrease interest rates and release collateral.
<h2>Bitfarms to Reduce Debt</h2>
The business reduced the outstanding value of a bitcoin-backed credit facility, perhaps the one agreed to with <a href="https://www.cryptoknowmics.com/news/crypto-broker-nydig-lays-off-one-third-of-staff-to-narrow-focus">NYDIG</a> in June, by $15 million, bringing it down to $23 million, and slashing interest expenses by an annualized $2 million. The business <a href="https://www.sec.gov/Archives/edgar/data/1812477/000121390022071535/ea168336ex99-5_bitfarms.htm" target="_blank" rel="nofollow noopener">stated</a> on Monday that it also changed the collateral agreement to release $5 million in bitcoin and delayed the maturity date to December 29. The miner repaid $12 million in term loan secured by the equipment.

Cash flow and debt commitments have become the principal drivers of miners' survival as a result of the shrinking profit margins caused by bitcoin's dropping value. Several large companies, including <a href="https://www.cryptoknowmics.com/news/bitcoin-miner-core-scientific-to-become-bankrupt-by-end-of-2022">Core Scientific (CORZ)</a> and <a href="https://www.cryptoknowmics.com/news/argo-blockchain-raises-27m-to-reduce-liquidity-pressures">Argo Blockchain (ARBK)</a>, have disclosed that they are experiencing liquidity issues.
<h2>Anticipations by Bitcoin Mining Firm</h2>
By the end of the year, Bitfarms anticipates receiving another $3.5 million in cash from the sale of a bitcoin mining facility after raising $15 million through an at-the-market stock program since the beginning of the third quarter.

The cost of manufacturing one bitcoin in cash was reduced by the corporation from $17,000 in the 2nd quarter to $14,300 in the third. It revealed an $85 million net loss for the quarter, and its profit margin decreased to 52%.

Bitcoin Mining Firm Bitfarms Settles $27 Million in Debt

The fall in the crypto market is straining the financial sheets of miners, therefore bitcoin miner Bitfarms is attempting to lessen its debt load.

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Bitcoin Mining Firm Bitfarms Settles $27 Million in Debt

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