On June 21, Bitcoin mining company Bitfarms announced the release of half of its mined BTC. According to the source, Bitfarms sold 3,000 BTC for $62 million, which equates to an average price of $20,666/BTC. This decision caused the company’s stockpile to drop to 3,349 BTC. Also a few days ago, BTC’s price broke out to $20,000. On June 18, Bitcoin’s intraday low was $17,708.
Earlier, Bitfarms announced a mining equipment grant of up to $36 million. On average, the company mines 14 Bitcoins per day. Last week, the company said it sold 1,500 BTC to reduce its rotation loan from $100 million to $66 million. With the proceeds of this Bitcoin sale, Bitfarms continues to reduce its BTC-backed credit with Galaxy Digital.
As Chief Financial Officer Jeff Lucas said:
“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.”
In addition, Bitfarms also completed a $37 million agreement with NYDIG to finance the equipment, bringing the company’s liquidity to around $100 million.
The company held a reported 4,300 Bitcoin as of January 2022, worth around $177 million as BTC traded at over $41,000. Founder and CEO Emiliano Grodzki said at the time that the company’s strategy was to accumulate the most Bitcoins at the lowest cost and in the fastest time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…
MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…
Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…
Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…
The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
This website uses cookies.