Bitcoin miner Bitfarms is trying to reduce its debt burden by paying down loan facilities to lower interest costs and free up collateral as the cryto market downturn puts miners' balance sheets under strain.

The company repaid $15 million of a bitcoin-backed loan facility, possibly the one signed with NYDIG in June, cutting the outstanding value to $23 million and reducing interest costs by an annualized $2 million. It also renegotiated the collateral requirement to free up $5 million of bitcoin and extended the maturity until Dec. 29, the company said in a statement Monday. The miner paid down $12 million of equipment-backed term debt.

Miners have suffered as the declining value of bitcoin has narrowed profit margins, making cash flow and debt obligations the key determinants of their survival. Major firms like Core Scientific (CORZ) and Argo Blockchain (ARBK) have said they are in liquidity crunches, with Core halting payments related to financings in late October and early November. One of the biggest hosting firms, Compute North, filed for bankruptcy in September.

Bitfarms said it has raised $15 million through an at-the-market equity program since the start of the third quarter, and expects another $3.5 million of cash by year-end from the sale of a bitcoin mining site.

The company lowered the cash cost of producing one bitcoin to $14,300 in the third quarter from $17,000 in the second. It reported a net loss of $85 million for the quarter, with its profit margin narrowing to 52%.

Bitfarms sold 2,595 BTC for $56 million throughout the quarter. The miner has been consistently selling bitcoin since June, changing its strategy from "hodl" – or retaining what it mines – in order to deal with market headwinds.

Read more: Bitfarms Looks to Boost Liquidity With Sale of 1,500 Bitcoin, New Loan