Bitfarms, a Canadian crypto mining company, has sold 3,000 BTC
6/22/2022, 03:05 AM
Bitfarms, an Argentinean cryptocurrency mining company, has announced an adjustment to its HODL strategy in order to improve the company’s liquidity. According to a press release, the company sold 3,000 Bitcoin (BTC) over the last week for approximately US$63 million in order to reduce its BTC reserves from around 6,349 BTC down to 3,349 BTC. This move will help the company increase its corporate liquidity by nearly US$100 million.
It is clear that Bitfarms is feeling the effects of the current volatile market conditions. The value of Bitcoin has fluctuated significantly since the beginning of the year, and this has had a direct impact on Bitfarms’ bottom line. In order to stay afloat, the company has been forced to sell some of its Bitcoin holdings at a loss in order to raise much-needed capital.
Despite these challenges, Bitfarms remains bullish on Bitcoin’s long-term price and is focused on maintaining its position as a world-class mining operator while continuing to expand its business. Given the current market conditions, selling a portion of their BTC holdings and daily production as a source of liquidity is the best course of action for the company
It is clear that Bitfarms is feeling the effects of the current volatile market conditions. The value of Bitcoin has fluctuated significantly since the beginning of the year, and this has had a direct impact on Bitfarms’ bottom line. In order to stay afloat, the company has been forced to sell some of its Bitcoin holdings at a loss in order to raise much-needed capital.
Despite these challenges, Bitfarms remains bullish on Bitcoin’s long-term price and is focused on maintaining its position as a world-class mining operator while continuing to expand its business. Given the current market conditions, selling a portion of their BTC holdings and daily production as a source of liquidity is the best course of action for the company