Bitfarms is "adjusting its HODL strategy" by selling off almost half its BTC reserves, a move that reflects the struggles BTC miners have faced in recent weeks to remain profitable as prices sank.
Bitfarms Ltd. on Monday reported second-quarter earnings that exceeded some analysts' expectations as the block reward miner cashed in on the booming digital currency market.
Bitfarms claims to be the first block reward miner to trade on the Nasdaq Global Market tier, which is reserved for companies who fulfill a higher level of financial liquidity and other requirements.
Bitfarms signed a power purchase agreement with an undisclosed private Argentinian power producer enabling the firm to draw up to 210MW of electricity at its discretion.
The first shipment would take place in January 2022, and will be followed by monthly shipments with the last batch of mining rigs scheduled to arrive by December 2022.
The publicly listed block reward mining operation expects gross proceeds of nearly CAD$40 million via the sale in the United States of 11,560,695 common shares.
The reduction in staffing comes amid a raft of other measures designed to reduce costs and maintain “long-term viability.”
Bitfarms have been going through an upheaval of late as Pierre-Luc Quimper, its president and co-founder, quit in October.
Bitfarms Ltd. is pleased to announce that it has taken delivery of ~4,100 new generation miners which will be installed in Phase 1 of the Company’s new Sherbrooke computing centre.
Bitfarms is trying to write a new narrative about mining firms, and reviving the economy of some towns while at it.
In a statement to CoinGeek, Bitfarms has cleared up a lot of fake news related to its Tel Aviv listing.