Cryptocurrency miners of all sizes have been suffering from the bear market that has heavily depressed prices, causing some to abandon the field as their proceeds were no longer covering expenses. However, for others this period has formed a time to grow while their competitors are struggling. To find out how one operation is handling the situation, news.Bitcoin.com talked to the CEO of Bitfarms about a big step his company recently took.
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Bitfarms Secures $20 Million in Loan Financing
Bitfarms Ltd. (TASE: BLLCF) notified investors earlier this month that it has secured $20 million in strategic debt financing to fund the crypto mining company’s ongoing operational expansion. The capital is being provided by New York-based Dominion Capital and will be made available in four $5 million tranches tied to various milestones such as infrastructure building and hardware purchases. The loan will bear a 10 percent interest rate and Dominion will…