Bitfarms Ltd., (TASE: BLLCF) (OTCQX: BLLCF), a Brossard, Canada-based large blockchain technology company, secured US$20m in strategic debt financing.
The financing is being provided by New York-based Dominion Capital LLC and will be made available in four US$5m tranches tied to the ongoing satisfaction of customary covenants and various milestones including infrastructure build-out and associated mining hardware purchases.
The loan will fund the company’s ongoing operational expansion.
Led by Wes Fulford, Chief Executive Officer, Bitfarms owns and operates blockchain farms that power the global decentralized financial economy. The company provides computing power to cryptocurrency networks such as Bitcoin, earning fees from each network for securing and processing transactions. Powered by clean and competitively priced hydroelectricity, Bitfarms operates 4 blockchain farms in Québec, Canada with 36MW of built-out infrastructure and approximately 220 Ph/s of installed hash-power.