Bitfarms purchased more than $43M in Bitcoin to start the new year

Bitfarms, a Canadian crypto mining company, has already purchased 1,000 Bitcoin in 2022. This makes Bitfarms’ total crypto asset holdings more than $177million.

Bitfarms announced Monday that it had purchased 1,000 Bitcoin (BTC), for $43.2million in the first week in January. This is roughly the amount Bitfarms added to its treasury during the third and fourth quarters in 2021. The mining company claims it has more than 4,300 Bitcoin (BTC) as of January 10, approximately $177 million at $41,183.

Emiliano Grodzki, Bitfarms CEO and founder, stated that Bitfarms’ guiding company strategy is to acquire the most Bitcoin at the lowest price and in the quickest time possible for our shareholders. “With Bitcoin’s recent dip, while the mining hardware prices are still high, we took the opportunity to transfer cash into BTC.”

Increased our #Bitcoin holdings 30% More Info: https://t.co/xCcIUHkWsU $BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK
— Bitfarms (@Bitfarms_io January 10, 2022

The mining company announced in November that it would build its first data centre in the United States after purchasing a parcel of land in Washington State. According to Bitfarms’ websites, Bitfarms currently has a total mining power of 106MW and produces 2.2 exahashes per sec. Grodzki claims that it plans to increase this rate by more 260% by the end the year to 8 EH/s.

Related: Bitfarms predicts that the Argentine facility will reduce BTC mining cost by 45%

Although many media outlets still mention the environmental impacts of crypto mining, Bitfarms claims that its facilities in Canada are almost entirely powered by hydroelectric power. The company currently operates or is developing 10 mining farms in Canada, Argentina, and the United States.

Data from Cointelegraph Markets Pro shows that the price of Bitcoin fell below $40,000 today, for the first time since September, before rising to over $41,000.

https://cointelegraph.com/news/bitfarms-purchased-more-than-43m-in-bitcoin-to-start-the-new-year