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

Mining firm Bitfarm, which has locations across the Americas, sold a property in de la Pointe, Quebec for a net profit of $3.6 million.

The de la Pointe property used hydroelectric power from Hydro Quebec to operate a bitcoin mining rig. Société de transport de Sherbrooke (STS), a Quebec-based public transportation service, purchased the property and plans to use it to power its green bus service, electric-assist bike sharing program and other sustainability initiatives beginning next summer.

Bitfarm intends to build out a new location and is doing so ahead of schedule, the company said in a statement.

The depressed crypto market has not spared bitcoin miners, which have seen shares fall throughout the year, according to The Block’s Data Dashboard. Bankruptcies of major crypto lenders have also amplified the blow, such as the troubled crypto lender Blockfi that loaned $32 million to Bitfarms, The Block previously reported.

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