coinnounce.com
Canadian Crypto mining company Bitfarms Ltd. sells half its coins after ending its holding strategy. The company is one of many mining heavyweights struggling for capital injection amidst dwindling share prices.
Bitfarms sold 3,000 BTC to pay off a $100 million loan. Bitcoin mining operations, Bitfarms announced that they have paid down a part of a $100 million loan from Galaxy Digital.
#Bitfarms Adjusts #HODL Strategy
• Pays down BTC-back credit facility to US$38 million
• Currently holds total of 3,349 BTC
• Daily BTC production of approximately 14 BTC adds further liquidity🔗 More info: https://t.co/xCcIUHkWsU
🚀 $BITF #BTC #BitcoinMining #Blockchain pic.twitter.com/L58siaA99c
— Bitfarms (@Bitfarms_io) June 21, 2022
Data provided by the company shows that Bitfarms can generate an average of 14 BTC per day or approximately 1,260 BTC per quarter.
Jeff Lucas, CFO of Bitfarms, said that the main reason for selling off the company’s Bitcoin holdings was extremely unsettled, among other factors. He stated
🗣️ Jeff Lucas, CFO: “While we remain bullish on long-term #BTC price appreciation, this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics.”
— Bitfarms (@Bitfarms_io) June 21, 2022
He said that the company is still optimistic about long-term BTC price appreciation.