A recent market crash that has reduced miners’ profitability has led the largest Canadian cryptocurrency mining company, Bitfarms, to abandon its hodling strategy and sell 3,000 bitcoins for $62 million. Despite the sale, Bitfarms’ CFO, Jeff Lucas, stated that the company is still bullish on long-term price hikes and concentrating on maintaining BTC liquidity through its mining activities to take advantage of more robust economic conditions. 🗣️ 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 added that the company had been using various financial strategies to finance expansion and operations since January 2021, but that in the present market, selling bitcoin is the most cost-effective way to get liquidity. The corporation received a $100 million injection of capital from a recent sale and $37 million in finance for new equipment. Bitfarms used a portion of the funds to pay off $28 to $38 million of their $66 million debt to Galaxy Digital LLC. The business mines 14 bitcoins per day on average. #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...
