JAKARTA – In the midst of the volatility of the crypto market in the last few months, it not only affects investors but also has a big impact on Bitcoin mining companies.
Bitfarms is one of the Bitcoin mining companies that have been forced to reduce their mining Bitcoin holdings. Bitfarms announced they have sold their BTC.
The sell-off also contributed to the decline in BTC prices and increased selling pressure in the crypto market. For information, Bitfarms has sold as much as 3,000 BTC which is worth about 62 million US dollars in the past week.
According to reports, the company is currently adjusting its treasury strategy and trying to increase its liquidity. Bitfarms also intends to scrap its plans to buy mining machines with a contract worth 37 million US dollars. Overall Bitfarms has increased the company's liquidity by 100 million US dollars (equivalent to Rp. 1.4 trillion).
The decline in the price of Bitcoin forced BTC mining companies to react and adapt to the current market conditions. Bitfarms' actions can be a major hurdle for the crypto market.
Reporting from Bitcoinist, the sell-off by Bitcoin mining company Bitfarms has the potential to push Bitcoin's Fear and Greed Index metrics to more extreme levels.
For your information, Bitfarms has 3,349 BTC with an average daily income of 14 BTC. The company plans to repay the loan from Galaxy Digital to then increase its leverage.
Despite the selling pressure, Bitcoin price has decreased by 4.8% in the last 24 hours, according to data from CoinMarketCap at 15:30 WIB, June 22, 2022.
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