Bitfarms strategy: bitcoin sales and mining in South America
Bitfarms managed to mine 1,515 BTC at the end of the third quarter, while it sold 2,595 BTC.
The decrease in reserves is explained by representatives of the company as a need to reduce the burden on the business. In other words, it's a plan to stabilize its financial position to withstand all the difficulties until the bull trend returns.
In addition, it became known the company plans to enter South America and mine cryptocurrencies in this territory. Due to this expansion, it becomes necessary to increase capacity.
Bitfarms sold bitcoins between July and September, which could mean that the price of the coin was not at the bottom. After reducing the debt, the company was left with $55 million in equipment loans and $23 million in secured bitcoins. Based on the ratio of liabilities to assets, Bitfarms can feel confident as long as the price of BTC is above $14,200.
As for the running costs, the company operates at quite favorable rates based on contracts, which were concluded in Washington, Argentina, and Quebec.