Bitfarms Abandons Hodl Strategy for Bitcoin

 

Bitfarms, a Canadian bitcoin mining giant, has said it is no longer hodling all its daily mined bitcoins (EXANTE: Bitcoin) due to «extreme volatility in the markets.»

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The company wrote in a press release that as part of business reorganization, it has sold a total of 3,000 BTC for about $62 million and closed on its previously announced $37 million in new equipment financing with NYDIG. The total amount of BTC that Bitfarms is now hodling has decreased to 3,349 BTC.

Bitfarms CEO, Jeff Lucas, said that despite the sell-off, the Ontario-based company remains «bullish on long-term BTC price appreciation.» He added:

«We believe that selling a portion of our BTC holdings and daily production as a source of liquidity is the best and least expensive method in the current market environment.»

 

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The move comes as bitcoin at the moment plunged below the $19,000 mark, with the whole market capitalization crashing below $1 trillion.

Meanwhile, not all are sure that bitcoin has bottomed out as Peter Schiff, a well-known crypto critic and gold advocate, said that bitcoin’s return to levels above $20,000 does not mean the cryptocurrency has finished its downside momentum.

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