Miner Bitfarms Sold Almost Half Its Bitcoin to Reduce Debt
— Reduce, Week, Debt, Sold, Miner, Million, Bitcoin, Miners, Strategy, Sale — 1 min read
The sale of 3,000 BTC cuts the miner's holdings to 3,349 including month-to-date production. Bitfarms also closed a $37 million equipment-financing deal with NYDIG, announced last week. A slouching bitcoin price has spurred miners' profit margins to dwindle – after many of the miners borrowed heavily to fund their operations. The sale helped the miner to reduce a bitcoin-backed credit facility from Galaxy Digital to $38 million. At the time of the sale, BTC was about double today's price. Bitfarm's Chief Mining Officer Ben Gagnon said in an interview published on April 22 that the long-term potential of bitcoin "is significantly greater" than the cost of capital to borrow against the cryptocurrency. Source