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Bitfarms Sold Its de la Pointe Property For $3.6 Million Net Profit

Global Bitcoin self-mining company Bitfarms completed the sale of its de la Pointe property for a net profit of $3.6 million.

Bitfarms aims to build up a new facility and is doing so ahead of schedule, according to a statement from the firm.

Geoff Morphy, President and COO of Bitfarms, said:

“After an extensive due diligence and competitive process, Société de transport de Sherbrooke (STS) emerged as the successful bidder to acquire this facility, and it’s gratifying that Sherbrooke’s transportation agency can utilize our electrical infrastructure with green power generated by Hydro Québec and supplied by Hydro Sherbrooke to meet the needs of the community.”

The de la Pointe property uses Hydro Québec hydroelectric electricity to power a bitcoin mining machine.

The site was bought by Société de transport de Sherbrooke (STS), a Quebec-based public transportation agency, which wants to utilize it to power its green bus service, electric-assist bike sharing program, and other sustainability initiatives beginning next summer.

As Coincu reported, Nasdaq issued a warning letter to Bitfarms on December 13 because of the listing regulations set forth. The company is currently trying to mobilize resources to weather the harsh crypto winter.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.