Canadian cryptocurrency mining company Bitfarms has already bought 1,000 Bitcoin in 2022, bringing its total holdings of the crypto asset to more than $ 177 million.
In an announcement on Monday, Bitfarms said it bought 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 company currently has more than 4,300 BTC as of January 10, approximately USD 177 million at a price of USD 41,183.
“Our guiding business strategy at Bitfarms is to accumulate the largest amount of Bitcoin at the lowest cost and in the shortest time possible for the benefit of our shareholders.”said Bitfarms founder and CEO Emiliano Grodzki. “With the decline in BTC, while mining hardware prices remain high, we seized the opportunity to move cash to 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
In November, the mining company announced its intention to build its first data center in the United States following the purchase of land in Washington state. The company’s websites claim that Bitfarms has a total mining capacity of 106 MW at press time and produces 2.2 exahashes per second. According to Grodzki, he aims to raise this rate by more than 260% by the end of the year, to 8 EH / s.
While many in the media still cite the potential environmental impact of crypto mining, Bitfarms claims its Canadian facilities are almost entirely powered by hydroelectric power. Currently, the firm has 10 mining farms in operation or under development in countries such as the United States, Argentina and Canada.
According to data from Cointelegraph Markets Pro, the price of BTC fell below $ 40,000 today for the first time since September before returning to more than $ 41,000.
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