Bitfarms, a bitcoin mining company, stated that its subsidiary Backbone Mining Solutions, Inc. (BMS) had signed a US$32 million equipment financing agreement with BlockFi on February 18, 2022, and used BMS’s mining machines and the output of bitcoins. As a guarantee, the current market value of the guaranteed assets is about 5 million US dollars, and there are still 20 million US dollars in outstanding arrears and interest. Bitfarms stated that it is planning to negotiate a loan agreement with BlockFi, including not making installment payments and admitting default. Bitfarms said BlockFi’s exercise of its rights over BMS and its collateral could result in additional costs for the company and could even result in the Washington state facility ceasing operations.