The company of mining, based in Canada, takes advantage of the fall in the crypto market by buying 1,000 bitcoins. “Our strategy is to accumulate the most bitcoins by buying the dip as soon as possible in order to ensure the benefit of our shareholders”, pointed out Emiliano Grodzki, founder and CEO of Bitfarms.
A massive takeover
The Canadian Society of mining bitfarms has already purchased 1,000 bitcoins earlier this year, and its total holdings of the first cryptoasset exceed $177 million.
In an announcement on Monday, Bitfarms said it purchased 1,000 bitcoins (BTC) for $43.2 million in the first week of January, roughly the same amount it added to its cash flow in the third and fourth quarters of 2021. According to data provided by the company, it now (as of January 10, 2022) holds more than 4,300 bitcoins, or $177 million in the first cryptocurrency, at the current price of $41,183.
“Our strategy is to accumulate the most purchased bitcoins acquired for the lowest cost and within the best time limit in order to ensure the benefit to our shareholders”, said Emiliano Grodzki, founder and CEO of Bitfarms. “Taking advantage of the lower bitcoin price and the fact that the prices of the hardware of mining remain high, we took the opportunity to invest our cash in the first cryptocurrency. “
In November, the company announced plans to build its first data center in the United States following the purchase of land in Washington state. The company’s website indicates that Bitfarms has a capacity of mining total of 106 MW at the time of writing, registering 2.2 exahash per second. According to Grodzki, he aims to increase this rate by more than 260% by the end of the year to reach the hashrate of 8 Eh/s.
While many media cite the potential environmental impact of mining cryptocurrency, Bitfarms says its facilities in Canada are almost entirely powered by hydroelectric power. The company currently has 10 installations of mining 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 bitcoin fell below $40,000 earlier today for the first time since September before returning to the level above the $41,000 mark.
While the first cryptocurrency is trading around $40,000, the cryptocurrency company mining Bitfarms does not miss the opportunity to fill its treasury with bitcoins. At the same time, the industry mining experiences difficulties around the world, accused of being the cause of electricity shortages and even energy crises. We will follow the evolution of the situation, so do not hesitate to stay on Cointribune to not miss the latest news from the crypto world!
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