Crypto Corner Episode 482: Bitfarms: (TSXV: BITF) Reports Q3 Financial and Operating Results, and Libra (NasdaqGS: FB) to Launch as USD-Backed Stablecoin in Early 2021

Point Roberts, WA and Delta, BC – November 27, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

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Crypto Corner Episode 482: Bitfarms: (TSXV: BITF) Reports Q3 Financial and Operating Results, and Libra (NasdaqGS: FB) to Launch as USD-Backed Stablecoin in Early 2021

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Stocks discussed: (TSXV:BITF) (NasdaqGS:FB)

Bitcoin (BTC) is down. After nearing its all-time trading price high on Wednesday, the cryptocurrency fell around $3,000 from close to $19,400 to as low as about $16,470, according to data from CoinMarketCap. This roughly 12 percent drop is the biggest decline seen in the market since March of this year, when Bitcoin crashed from about $7,900 down to around $4,475. A report from CoinDesk quotes Ki Young Ju, CEO at analytics firm CryptoQuant:

“I think this is a correction before we break $20,000. Other long-term on-chain indicators like BTC and stablecoin reserve say the potential buying pressure still prevails so far.”

An article responding to the selloff and subsequent crash from Bloomberg outlines indications that Bitcoin is in a more robust position than its 2017 bull run and ensuing crash.The article quotes Mati Greenspan, chief executive of market advisory firm Quantum Economics in Tel Aviv:

“It’s different now. The last time we saw Bitcoin get this high, the blockchain was close to collapsing, but the network has had improvements since then.”

Bitfarms Ltd. (TSXV:BITF) has announced its financial and operating results for the third quarter ended September 30, 2020. Highlights include revenues of $6.8 million, gross mining profit of $1.6 million, and the entering into lease agreements for 3,000 Whatsminer Miners. Mauro Ferrara, Interim Chief Financial Officer of Bitfarms, said:

“As anticipated, the May 2020 Bitcoin Halving event negatively impacted most of our financial metrics for the quarter. However, gross mining profit and adjusted EBITDA remained in positive territory, and Bitcoin mining economics have stabilized and improved significantly subsequent to Q3. Operationally, we added one thousand WhatsMiner M31S in September, increasing mining computing power by approximately 82PH/s.”

The Financial Times reports that Libra, the digital payments project from Facebook (NasdaqGS:FB), may launch in the form of a U.S. dollar-backed stablecoin in January of 2021. The exact launch date is still unknown, and is pending on approval by the Swiss Financial Market Supervisory Authority (FINMA). Though beginning by being backed by the U.S. dollar, Libra will gradually see the addition of more fiat currencies into the basket of assets that go toward its value.

Sam Mowers, Investorideas

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