Bitfarms has sold 3,000 BTC as it embarks on a painful U-turn from its strategy to HODL the Bitcoin it mines.
The mining company confirmed it offloaded this crypto stash for about $62 million — working out at a price of about $20,666 per coin.The company also went on to confirm that it's typically generating 14 BTC a day through its mining operations, worth about $280,000 a day at current market rates.
Lucas went on to explain that Bitfarms is seeking to enhance liquidity, deleverage and strengthen its balance sheet during this time of "extreme volatility" — and selling off some of its BTC "is the best and least expensive method" for doing this. Bitfarms isn't the only mining firm to offload its BTC on the market — with Core Scientific, Argo Blockchain and Riot all performing similar transactions of late.
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