Bitfarms nets $3.6 million gain from de la Pointe property sale


Mining agency Bitfarm, which has areas throughout the Americas, bought a property in de la Pointe, Quebec for a web revenue of $3.6 million.

The de la Pointe property used hydroelectric energy from Hydro Quebec to function a bitcoin mining rig. Société de transport de Sherbrooke (STS), a Quebec-based public transportation service, bought the property and plans to make use of it to energy its inexperienced bus service, electric-assist bike sharing program and different sustainability initiatives starting subsequent summer season.

Bitfarm intends to construct out a brand new location and is doing so forward of schedule, the corporate stated in an announcement.

The depressed crypto market has not spared bitcoin miners, which have seen shares fall all year long, in accordance with The Block’s Information Dashboard. Bankruptcies of main crypto lenders have additionally amplified the blow, such because the troubled crypto lender Blockfi that loaned $32 million to Bitfarms, The Block beforehand reported.

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