Stock Traded Miners Start Holding Their Bitcoin

bitfarm bitcoin mining farm feb 2021

A movement is on in bitcoin mining among publicly traded companies that heralds the biggest change since the invention of asics back in 2013. “After considerable planning, implementation of internal controls, counter-party risk review, and custody arrangements, in early January, Bitfarms has commenced a Bitcoin Pilot Retention Program. Under this Program, for the first time, the Company is no longer selling all the Bitcoins earned… Since the start of this Program, Bitfarms has added over 150 Bitcoin to its balance sheet.” So says one publicly traded bitcoin miner, Bitfarms (TSXV: BITF), which operates in Quebec, Canada. Their 150 bitcoin, $7 million, is a small amount but they mine about 180 bitcoins a month, all of which will now be retained. Their expansion will instead be funded by stock investors who buy their shares, with the company already having two private placements last month for C$40 million. Their expansion plans include…

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