Monday, June 27, 2022
Home Crypto News Market Bitcoin Mining Company Bitfarms sells 3000 BTC And Falling Prices Makes Miners...

Bitcoin Mining Company Bitfarms sells 3000 BTC And Falling Prices Makes Miners Rampantly sell GPUs

- Advertisement -
Follow-Us-On-Google-News

 

Bitfarms sells 3000 BTC as Miners are Rampantly selling GPUs.


 

It’s been a busy week for the global Bitcoin self-mining company, Bitfarm, which has sold 3,000 Bitcoin (BTC) for around $62 million and closed on an originally scheduled $37 million capital loan with NYDIG ABL LLC (NYDIG), boosting the company’s liquidity by almost $100 million.

This takes the total number of BTCs held to 3,349, which includes the month-to-date output of 14 BTC each dayBitfarms has reduced its BTC-backed credit facility with Galaxy Digital LLC (Galaxy) a further $28 million from US$66 million to $38 million as a result of the profits of the sale.

They have continued to take measures to boost liquidity, de-leverage, and strengthen their balance sheet in light of the extraordinary volatility that has been seen in the markets. Jeff Lucas, the CFO of Bitfarms, has specifically sold 1,500 more Bitcoin and is no longer HODLing all of the daily BTC output they generate.

“We are no longer HODLing all our daily BTC production. While we remain bullish on long-term BTC price appreciation, this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics.”

GPU Selling

In the middle of all of this, as a result of the plummeting prices of major cryptocurrencies, a large number of Chinese e-cafes and miners are dumping graphics cards onto the market since they no longer have a need for them.

 

Scalpers, e-cafe owners, and miners are all now using auctions and streams to attempt to unload their excess hardware stock. Users now have the ability to purchase a used graphics processing unit (GPU), such as the RTX 3060 Ti, for $350 or even less.

After experiencing skyrocketing pricing and limited availability over the course of the last two years, it is a sight to see that many popular graphics cards are now retailing for their MSRP or even less.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Crypto Winter Survival Guide: Frax (FRAX), PAX Gold (PAXG), And RoboApe (RBA)

How long will crypto winter last? That is the question on the lips of every crypto participant right now. Many newbies are scared at...

The Exciting Evolution Of Blockchain Gaming With Xchange Monster (MXCH) & Decentraland (MANA)

The words decentralized finance and game, these two industries have been combined together and from this combination the GameFi sector was birthed. For many...

TRON Price On The Up As Risk Of USDD Depegging Falters

  Tron Price is showing that the USDD depegging pressure is releasing. window.coinzilla_display = window.coinzilla_display || ; ...

Bitcoin Only Line Of Defense Is Holding But How Far? As Number Of BTC Exchange Inflows Increase

  Bitcoin does not have sufficient support below 20,000 dollars. window.coinzilla_display = window.coinzilla_display || ; ...

Baby Doge Coin Team to Burn 50 Quadrillion BabyDoge At Once

Baby DogeCoin Team to Burn 50 Quadrillion Coins Tomorrow After Community’s Approval.  window.coinzilla_display = window.coinzilla_display || ; ...

SEC Chairman Piles Pressure on Altcoins, Says ‘Bitcoin Is the Only One I Am Willing To Say Commodity’ 

For SEC Chairman Bitcoin is the only crypto that is a commodity. window.coinzilla_display = window.coinzilla_display || ; ...

Shiba Inu Soars Above 40% In Seven Days As Unification Brings Shibarium Launch Closer

SHIB has put smiles on investors' faces after its massive rally in the past seven days.  window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.