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Miner Bitfarms Raises $100M Bitcoin-Backed Loan From Galaxy Digital
The miner has already made an initial $60 million drawdown with a six-month term at an interest rate of 10.75%.
By Aoyon Ashraf
Updated May 11, 2023, 7:10 p.m. Published Dec 31, 2021, 2:46 p.m.
Bitcoin miner Bitfarms secured a $100 million credit facility from blockchain and cryptocurrency financial services provider Galaxy Digital Holdings. The facility is backed by the company’s bitcoin holdings.
- The Toronto-based miner has already drawn down $60 million at an interest rate of 10.75% per year with a six-month term and expects to draw more over the next few months, according to a statement.
- “Our new $100 million BTC credit facility adds another component to our diversified financing strategy and contributes significant non-dilutive capital to fund our global growth initiatives, which include four farms with 298 megawatts mining capacity under construction,” Chief Financial Officer Jeffrey Lucas said.
- Bitfarms intends to use the funds to reach a hashrate of 3 exahashes per second (EH/s) by March 31 and 8 EH/s by Dec. 31 of next year. Exahashes are a measure of the computational power of the specialized computers, called “miners,” that mint bitcoin and process bitcoin transactions.
- The miner said it has more than 3,300 bitcoins in its treasury.
- On Dec. 1, the company said it mined 339 bitcoins in November, down from 343 in October, as network difficulty increased. It reached a hashrate of 2 EH/s in mid-November.
- Before its deal with Bitfarms, Galaxy Digital had already loaned at least $65 million to public mining companies this year, according to a report by Compass Mining.
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