Bitcoin mining stock Bitfarms updates its ‘HODL Strategy’

Bitcoin mining stock Bitfarms updates its ‘HODL Strategy’
фото показано с : invezz.com

2022-6-22 23:35

Bitcoin mining company Bitfarms Ltd. (NASDAQ: BITF) is changing its HODLing as it looks to “improve liquidity and strengthen its balance sheet.”

The Toronto-based miner announced this via a press release on Tuesday.

Bitfarms updates HODLing strategy

The change in strategy has seen the company sell nearly half of its BTC holdings over the past week, with 3,000 bitcoins sold for roughly $62 million in that time. Out of that amount, $28 million went towards rebalancing its $66 million BTC-backed loan with Galaxy Digital.  The loan facility has reduced to $38 million, the firm said in the press release.

Despite no longer HODLing 100% of its mined BTC, Bitfarms says it remains bullish. Jeff Lucas, the firm’s CFO noted this in a tweet.

🗣️ Jeff Lucas, CFO: “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.”

— Bitfarms (@Bitfarms_io) June 21, 2022 Bitfarms holds 3,349 BTC 

Bitfarms revealed that it held $42 million in cash and 3,349 BTC worth about $67 million as of Monday, 20 June, 2022. The company’s 14 BTC daily production adds to the liquidity.

The firm’s corporate liquidity is also helped by the $37 million equipment financing deal with NYDIG, which it says was closed last week. In total, Bitfarms liquidity currently stands around $100 million.

The post Bitcoin mining stock Bitfarms updates its ‘HODL Strategy’ appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining bitcoin bitfarms sheet toronto-based strengthen balance

mining bitcoin → Результатов: 126


China Never Banned Bitcoin Mining, Researcher Reveals

In a striking revelation that challenges widely-held perceptions, Daniel Batten, a Bitcoin environmental impact analyst, disclosed that BTC mining was never officially banned in China. According to Batten’s research, despite widespread reports to the contrary, the so-called “ban” was actually a temporary suspension, and mining activities have largely resumed across the country. Bitcoin Mining Was […]

2024-6-7 10:00