Mining Company Bitfarms Sold Half of Its Bitcoins

by in Cryptocurrency News

Bitfarms Bitcoin mining

BTC mining company Bitfarms sold half of its Bitcoin holdings, which is 3,000 coins in the past week for around $62 M to reduce debt as the decline in the BTC price has had a negative impact on the business. The team wrote that it now holds around 3,349 Bitcoins, and daily BTC production of about 14 Bitcoins adds further liquidity.

Related: Bitfarms to build 210 MW mining center in Argentina

Bitfarms revealed making changes in its HODL strategy is for to enhancing liquidity and strengthening the balance sheet. The company also closed on its previously revealed $37 M in new equipment financing deal with NYDIG.

A portion of the generated amount Bitfarms applied to reduce its Bitcoin-backed credit facility with the investments management firm Galaxy Digital by $28 M from $66 M.

Bitfarms CEO Jeff Lucas said while the company continues to be bullish on long-term Bitcoin price. The strategic change allows focusing on top priorities of carrying on mining activities and continuing to expand the business with the goal to improve mining economies.