January 7, 2020, 7:00AM EST
• 5 min read
Concerns loom for one of Canada's biggest bitcoin miners
- Bitfarms, 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, the company purchased over 13,000 new generation miners
- Due 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.