{"id":55440,"date":"2021-12-31T18:23:25","date_gmt":"2021-12-31T16:23:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=55440"},"modified":"2025-09-04T01:23:22","modified_gmt":"2025-09-03T22:23:22","slug":"bitfarms-secures-100-million-credit-facility-from-galaxy-digital","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitfarms-secures-100-million-credit-facility-from-galaxy-digital\/","title":{"rendered":"Bitfarms Secures $100 Million Credit Facility From Galaxy Digital"},"content":{"rendered":"<p>Crypto merchant bank Galaxy Digital has opened a $100 million credit line for the Canadian public mining company Bitfarms, secured by Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitfarms secured a $100 million credit facility with <a href=\"https:\/\/twitter.com\/GalaxyDigitalHQ?ref_src=twsrc%5Etfw\">@GalaxyDigitalHQ<\/a> backed by <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ($BTC) <a href=\"https:\/\/t.co\/We50NdQgh1\">pic.twitter.com\/We50NdQgh1<\/a><\/p>\n<p>\u2014 Bitfarms (@Bitfarms_io) <a href=\"https:\/\/twitter.com\/Bitfarms_io\/status\/1476914894582788100?ref_src=twsrc%5Etfw\">December 31, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the press release, the firm has already drawn $60 million for six months at an annual rate of 10.75%. The remaining amount will be drawn in the coming months.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe new $100 million credit facility adds another component to our diversified financing strategy,\u201d said Bitfarms\u2019 chief financial officer Jeff Lucas.<\/p>\n<\/blockquote>\n<p>Bitfarms will deploy the funds to bring the hash rate to 3 EH\/s by March 31, and to 8 EH\/s by December 31, 2022. According to the company, as of mid-November the figure stood at 2 EH\/s.<\/p>\n<p>In October Bitfarms <a href=\"https:\/\/u1f987.com\/en\/news\/bitfarms-begins-construction-of-argentina-data-centre-to-house-55000-miners\">began construction<\/a> of a data centre for 55,000 miners in Argentina. Later it announced <a href=\"https:\/\/u1f987.com\/en\/news\/bitfarms-to-launch-mining-center-in-washington-state\">the acquisition of a $26 million data centre<\/a> with a capacity of 24 MW in the state of Washington, USA.<\/p>\n<p>In the third quarter the company mined 1,050 BTC, up 38% from the same period a year earlier. By the end of September its reserves stood at 2,312 BTC, and in December, more than 3,300 BTC.<\/p>\n<p>In June, Galaxy Digital <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-secures-galaxy-digital-loan-to-build-texas-mining-pool\">provided<\/a> a loan to the British mining company Argo Blockchain of \u00a314 million (about $19.4 million) backed by Bitcoin.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto merchant bank Galaxy Digital opened a $100 million credit line for the Canadian public mining company Bitfarms, backed by Bitcoin.<\/p>\n","protected":false},"author":1,"featured_media":55441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,770],"class_list":["post-55440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-galaxy-digital"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=55440"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55440\/revisions"}],"predecessor-version":[{"id":55442,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55440\/revisions\/55442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/55441"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=55440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=55440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=55440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}