Prominent bitcoin miner Bitfarms has witnessed disparity in its overall produced bitcoin (BTC) and sold crypto assets. Third quarter report of Bitfarms noted that it mined overall 1,515 BTC while sold out about 2,595 BTC within the same time-frame.
Selling bitcoin more than the production indicates the mining company’s intention towards making its position stronger. The strong position would be helping the company to survive the bear market—through cost cutting and reduction in debt obligations.
Although the miner had a loan of 55 million USD collateralized against its machines while another 23 million USD worth loan is against its BTC reserve.
Jaran Mellerud, known bitcoin mining analyst, said that although bitcoin sales helped Bitfarms to deal with the debt issue, the company has left with a lower amount of bitcoin (BTC). He further added that Bitfarms holdings consisted of 38 million USD in cash and about 2,064 bitcoin. Out of which, 1,724 BTC are placed as collateral, thi
We współpracy z: https://www.thecoinrepublic.com/2022/11/17/bitfarms-noted-selling-more-btc-than-production/
