Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts
“Selling a portion of our BTC holdings and daily production as a source of liquidity is the best and least expensive method in the current market environment," said chief financial officeJeff Lucas. Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June, using the proceeds from the sale to reduce its debt.In a Tuesday announcement, Bitfarms said it had sold 3,000 Bitcoin in the last seven days, roughly 47% of the crypto mining firm’s roughly 6,349 BTC holdings. According to the company, it will use the funds from the BTC sales — $62 million — to....
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“Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said founder and CEO Emiliano Grodzki. Canadian crypto mining firm Bitfarms has already bought 1,000 Bitcoin in 2022, making its total holdings of the crypto asset more than $177 million.In a Monday announcement, Bitfarms said it purchased 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, roughly the same amount the company added to its treasury in both the third and fourth quarters of 2021. According to....
Argo reported it had an outstanding balance of $22 million on a loan from Galaxy Digital, from which it secured BTC-backed loan agreements in 2021. Argo Blockchain has joined crypto mining firms including Bitfarms, Core Scientific and Riot Blockchain in selling part of its Bitcoin holdings.In a Thursday blog post, Argo said it sold 637 Bitcoin (BTC) in June for an average price of $24,500 — roughly $15.6 million. The company planned to use the funds to reduce its debt to Galaxy Digital, from which Argo secured separate $20 million and $25 million BTC-backed loan agreements in 2021. The....
The publicly listed Canadian bitcoin mining operation Bitfarms has announced the firm is purchasing 48,000 Microbt Whatsminer mining rigs in order to expand capacity. Bitfarms highlights the acquisition of new miners will up the company’s hashpower by approximately 5 exahash per second (EH/s). Bitfarms to Acquire 48,000 High-Powered Bitcoin Miners from Microbt The Canadian bitcoin (BTC) mining company Bitfarms (TSXV:BITF, OTC:BFARF) announced on Tuesday the company has entered an agreement where it plans to purchase 48,000 mining rigs manufactured by Microbt. The China-based firm....
Bitcoin miner Bitfarms has announced plans to pull back on Bitcoin mining in the coming two years and pivot toward AI-compute centers. Bitfarms CEO Says Pivot To AI-Compute Business Could Out-Earn Bitcoin Mining In a press release, Bitcoin mining company Bitfarms has revealed plans to convert one of its facilities to support High-Performance Computing (HPC)/Artificial […]
Bitfarms boost its mining power by 360 PH with the new lease, set to run for 24 months.