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TheBlock 2020-01-07 11:30:02

Concerns loom for one of Canada’s biggest bitcoin miners

Quick TakeBitfarms, one of Canada’s largest bitcoin mining companies, currently operates 5 facilities with 813 PH/s of installed computing power (~0.8% of the network hash rate)By utilizing a $20 million secured loan, purchased over 13,000 new generation minersDue to strict covenants and a high interest rate on the loan, Bitfarms will need higher levels of operating cash flow in order to pay the outstanding balance at maturity (scheduled for 2021)Coupled with several recent departures from its management team and noise complaints from locals, Bitfarms has much to worry about as the bitcoin reward halving approaches.

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