Bitcoin miner Bitfarms_io is trying to reduce its debt obligations by paying down its loans. egreechee reports
Bitfarms said it has raised $15 million through an at-the-market equity program since the start of the third quarter, and expects another $3.5 million of cash by year-end from the sale of a bitcoin mining site.
The company lowered the cash cost of producing one bitcoin to $14,300 in the third quarter from $17,000 in the second. It reported a net loss of $85 million for the quarter, with its profit margin narrowing to 52%. Bitfarms sold 2,595 BTC for $56 million throughout the quarter. The miner has been consistently selling bitcoin since June, changing its strategy from"hodl" – or retaining what it mines – in order to deal with market headwinds.
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