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

Canadian
crypto
mining
firm
Bitfarms
has
already
bought
1,000
Bitcoin
in
2022,
making
its
total
holdings
of
the
crypto
asset
more
than
$177
million.

In
a
Monday
announcement,
Bitfarms
said
it
purchased
1,000
Bitcoin
(BTC)
for
$43.2
million
in
the
first
week
of
January,
roughly
the
same
amount
the
company
added
to
its
treasury
in
both
the
third
and
fourth
quarters
of
2021.
According
to
the
mining
firm,
it
currently
holds
more
than
4,300
BTC
as
of
Jan.
10,
roughly
$177
million
at
a
price
of
$41,183.

“Our
guiding
company
strategy
at
Bitfarms
is
to
accumulate
the
most
Bitcoin
for
the
lowest
cost
and
in
the
fastest
amount
of
time
for
the
benefit
of
our
shareholders,”
said
Bitfarms
founder
and
CEO
Emiliano
Grodzki.
“With
the
dip
in
BTC
while
mining
hardware
prices
remain
high,
we
seized
the
opportunity
to
move
cash
into
BTC.”

In
November,
the
mining
firm
announced
its
intention
to

build
its
first
data
center

in
the
United
States
following
the
purchase
of
a
land
plot
in
Washington
State.
The
company’s
website
states
Bitfarms
has
a
total
mining
capacity
of
106
MW
at
the
time
of
publication
producing
2.2
exahashes
per
second.
According
to
Grodzki,
it
aims
to
raise
this
rate
by
more
than
260%
by
the
end
of
the
year
to
8
EH/s.



Related:




Bitfarms
estimates
Argentine
facility
will
reduce
BTC
mining
costs
by
45%

While
many
in
the
media
still
cite
the

potential
environmental
impact
of
crypto
mining
,
Bitfarms
claims
its
facilities
in
Canada
are
powered
almost
entirely
by
hydroelectric
energy.
The
firm
currently
has
10
mining
farms
in
operation
or
under
development
in
countries
including
the
United
States,
Argentina
and
Canada.

According
to
data
from

Cointelegraph
Markets
Pro
,
the
price
of

BTC
fell
under
$40,000

earlier
Monday
for
the
first
time
since
September
before
returning
to
more
than
$41,000.

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