Crypto mining company Bitfarms Ltd. has made an about-face on its holding strategy and sold 3,000 Bitcoin for $62 million over the past week to boost its liquidity amid the record-breaking bear market. It’s one of the first self-proclaimed Bitcoin hoarding miners to turn away from accumulating mined coins.
The Toronto-based company is the latest of the public mining companies that have had to sell their crypto assets to stay afloat. With the recent market rout, other miners may see their strategy of holding onto mined coins coming under pressure as it gets more difficult for the sector to raise capital from the stock market and repay debts.
In April, Riot Blockchain Inc., one of the largest public miners by market cap and a long-time holder, started selling Bitcoin. Large-scale miners like Riot and Marathon Digital Holdings Inc. hold on to their mined coins and can serve as a proxy for coin prices, attracting investors who do not want to directly hold onto Bitcoin.
Bitfarms is “no...
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