JAKARTA – Bitfarms is one of the largest Bitcoin mining companies in the world based in Toronto, Canada. The company, which was founded in 2017, is reported to be selling more Bitcoin from its mining results. Bitfarms has sold 2,595 BTC over the past year.
On the other hand, the sale was made by Bitfarms while mining 1,515 BTC. The sale is part of Bitfarms' efforts to defend itself during a prolonged bear market. In addition, Bitfarms has also cut operating costs and reduced its debt during the quarter.
Even so, the Bitcoin mining company still has $55 million in debt secured by mining machine rigs and $23 million in debt secured by Bitcoin.
According to Bitcoin mining analyst Jaran Mellerud, Bitfarms' sale of Bitcoin has helped reduce its debt burden, although the company doesn't have much of its mined Bitcoin left, as CryptoSlate reports.
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“(Bitfarms) holds 38 million US dollars in cash and 2.064 bitcoins. The problem is that 1.724 of these Bitcoins are pledged as collateral, giving the company a total unsecured liquidity of only 44 million US dollars,” said Mellerud.
The plunge in the price of major digital assets in recent months has posed another big challenge for mining companies having to maintain a 125 percent collateral value against loans.
The bear market or the decline phase of the crypto market has started since the collapse of Terra (LUNA) last May. Since then, the price of Bitcoin and other cryptocurrencies has plummeted. Cryptocurrency prices fell even deeper this month due to the bankruptcy of one of the largest crypto exchanges, FTX.
At the time of writing, Bitcoin is trading at a price of 16.596 US dollars (equivalent to IDR 259.466.475). Bitcoin price movements have decreased by 10.6 percent in the past week. Meanwhile, from its all-time highest price (ATH) of IDR 984.115.318 which was recorded on November 10, 2021, BTC has fallen by 73.7 percent of its ATH.
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