Bitfarms agrees to settle its remaining $21 million in debt with BlockFi in a single cash payment of $7.75 million

Bitcoin mining firm Bitfarms has agreed to settle its remaining $21 million in debt with BlockFi in a single cash payment of $7.75 million. Bitfarms Chief Financial Officer Jeff Lucas stated that our debt has been reduced by nearly 85% from a high of $165 million in June 2022 to $25 million today. The remaining debt, largely secured by new high-efficiency mining equipment in Quebec, is due on or before February 2024, allowing us to pay off the debt before the next halving event, which is expected to occur in May 2024.