Comment by Jasper_

They haven't been making money for a year or two now -- they can't sell their coins without crashing the market, so they're getting loans with their coins and mining equipment as collateral [0] [1] [2]. Those loans are failing now.

[0] https://www.coindesk.com/business/2022/04/26/bitcoin-miner-c...

[1] https://www.coindesk.com/business/2021/12/31/miner-bitfarms-...

[2] https://www.coindesk.com/business/2022/04/28/battered-bitcoi...