Major Bitcoin Mining Firm Sells 3,000 BTC and Abandons HODLing Strategy

Given the sheer amount of #BTC that's held by miners, there are fears that persistent, large sell-offs could contribute to downward pressure on #Bitcoin's price.

Bitfarms has sold 3,000 BTC as it embarks on a painful U-turn from its strategy to #HODL the Bitcoin it mines.

The #mining company confirmed it offloaded this #crypto stash for about $62 million — working out at a price of about $20,666 per coin.

This means that #Bitfarms now has about #3,349BTC on its balance sheet.

The company also went on to confirm that it's typically generating #14BTC a day through its mining operations, worth about $280,000 a day at current market rates.

In a statement, #Bitfarms chief financial officer Jeff Lucas said: "While we remain #bullish on long-term #BTC price appreciation, this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics."

#Lucas went on to explain that #Bitfarms is seeking to enhance #liquidity, #deleverage and #strengthen its balance sheet during this time of "extreme volatility" — and selling off some of its #BTC "is the best and least expensive method" for doing this.

#Bitfarms isn't the only mining firm to offload its #BTC on the market — with #Core Scientific,#Argo Blockchain and #Riot all performing similar transactions of late.

Given the sheer amount of #BTC that's held by miners, there are fears that #persistent, large sell-offs could contribute to downward pressure on Bitcoin's price.