.Bitfarms_io sold BTC 3,000 to improve liquidity, and used some of the proceeds to reduce a rolling loan from GalaxyDigitalHQ. egreechee reports.
." The sale of 3,000 BTC cuts the miner's holdings to 3,349 including month-to-date production.
The money raised in the sale helped the miner to reduce a bitcoin-backed credit facility from Galaxy Digital to $38 million. Last week, Bitfarms said it hadA slouching bitcoin price has spurred miners' profit margins to dwindle – after many of the miners borrowed heavily to fund their operations. Asked about selling bitcoin to improve cash flow or minimize stock dilution, Chief Mining Officer Ben Gagnon said in anthat Bitfarm's at-the-market offering and borrowing against its BTC holdings were alternative options.
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