Canadian public mining company Bitfarms has made adjustments to its strategy for storing mined bitcoins to “increase liquidity and strengthen the balance sheet.”

According to a press release, the firm sold a total of 3,000 BTC worth about $62 million last week and also repaid an equipment loan of $37 million from NYDIG.

The company used a portion of the $28 million in revenue to reduce Galaxy Digital’s line of credit.

In addition to the company’s daily mining of about 14 BTC (as of June 20), there are 3349 BTC left. Fiat reserves are about $67 million.

“Given the extreme volatility in the markets, we continued to take measures to increase liquidity, reduce leverage and strengthen our balance sheet. In particular, we have sold another 1,500 BTC and we no longer store all the daily mined cryptocurrency,” said Jeff Lucas, CFO of Bitfarms.

He added that the company is relying on long-term prospects for the increase in bitcoin price. According to him, the changes in strategy will help focus on two priorities: cryptocurrency mining operations and business expansion in anticipation of an improvement in the economic situation.

“We have been financing operations and growth through various measures since January 2021. We consider selling some of our BTC holdings and daily mining as a source of liquidity. “This is the best and cheapest method in the current market conditions,” he said.

In January 2022, the company purchased 1,000 BTC worth $43.2 million. At that time, the purchase increased the cryptocurrency balance by 30% to 4,300 BTC.

Bitfarms CEO Emiliano Grodsky later emphasized that “the strategy is to accumulate bitcoins at the lowest cost and in the shortest possible time.”

In April, Arcane Research analysts ranked Bitfarms as one of the top five most overvalued public mining companies in the market, based on a metric they developed. The leader of “anti-rating” was Marathon Digital Holdings.

At the same time, the analytics firm noted that Bitfarms purchased electricity for operations at prices above the average market.

The company operates seven facilities in Quebec (Canada), one in Washington state (USA) and one in Paraguay. 99% of businesses are powered by environmentally friendly hydroelectricity.

Marathon Digital Holdings has confirmed its commitment to its cryptocurrency hoarding strategy against the backdrop of the bitcoin price drop.

MicroStrategy has the largest holding of digital gold among publicly traded companies. Its chairman, Michael Saylor, assured that the firm will continue to store cryptocurrency in the future.

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