One of Biggest Bitcoin Mining Firms in Canada to Start Selling Their Holdings
A global Bitcoin self-mining company, Bitfarms based in Canada, is now "adjusting its HODL strategy" according to the press release to add more liquidity and strengthen its balance sheet. Reportedly, the company has sold 3,000 BTC for approximately $62 million at the average price of $20,600.
After the deal was done, the company's total Bitcoin holdings remained at 3,349 Bitcoins with 14 BTC added to the balance every day. Additionally, the Canadian Bitcoin mining company will proceed to reduce the BTC-backed credit facility with Galaxy Digital LLC from $66 million to $38 million. But despite the debt before Galaxy Digital and the illiquid balance sheet, the main reason behind the operation was the extremely high volatility on the cryptocurrency market that caused Bitcoin's drop below the 2017 all-time high of $19,000.
Source
t.me/Mining_Crypto_Miner
