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.