Bitfarms Abandons its BTC Accumulation Strategy

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Canada-based public mining company Bitfarms has made adjustments to its strategy for storing mined Bitcoins in order to “increase liquidity and strengthen the balance sheet.”

According to a press release shared by the company, the mining firm sold a total of 3,000 BTC worth approximately $62 million over the past week, and has also repaid a $37 million equipment loan from NYDIG.

The company has used part of its $28 million in proceeds to reduce a credit line from Galaxy Digital.

The company has 3,349 BTC left in addition to daily mining of approximately 14 BTC. The fiat reserves are about $67 million.

The company CFO Jeff Lucas has said:

“Given the extreme volatility in the markets, we have continued to take measures to increase liquidity, reduce leverage and strengthen our balance sheet. In particular, we sold another 1,500 BTC and no longer store all the daily mined cryptocurrency.”

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