I think the miners' financial is the most dangerous threat to the bitcoin price and adoption. They are using a highly speculative and volatile asset to fund their facilities and miners, low liquidity in cash (unless they sell as they mine).

If more companies pull a microstrategy and start using leverage to buy more bitcoin, a crash would absolutely set bitcoin back for decades to come.

On Page 13 (Note 10), Bitfarms explains that the company pledged 3,064 BTC of collateral for their $100M credit facility in March.

They just had to add another 1,870 BTC, and now have 4,934 of their 5,646 BTC locked up.

If BTC goes below $23,500, Bitfarms is either forced to sell BTC or needs to use fiat to pay their debt.

I suspect Bitfarms isn't alone among miners in leveraging their Bitcoin to get cash, but their margin of error is quite slim right now. I wonder if the same is true for other miners.