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



Canadian crypto mining agency Bitfarms has already purchased 1,000 Bitcoin in 2022, making its complete holdings of the crypto asset greater than $177 million.

In a Monday announcement, Bitfarms mentioned it bought 1,000 Bitcoin (BTC) for $43.2 million within the first week of January, roughly the identical quantity the corporate added to its treasury in each the third and fourth quarters of 2021. In keeping with the mining agency, it at present holds greater than 4,300 BTC as of Jan. 10, roughly $177 million at a worth of $41,183.

“Our guiding firm technique at Bitfarms is to build up essentially the most Bitcoin for the bottom price and within the quickest period of time for the advantage of our shareholders,” mentioned Bitfarms founder and CEO Emiliano Grodzki. “With the dip in BTC whereas mining {hardware} costs stay excessive, we seized the chance to maneuver money into BTC.”

In November, the mining agency introduced its intention to construct its first knowledge heart in america following the acquisition of a land plot in Washington State. The corporate’s web sites states Bitfarms has a complete mining capability of 106 MW on the time of publication producing 2.2 exahashes per second. In keeping with Grodzki, it goals to boost this price by greater than 260% by the top of the 12 months, to eight EH/s.

Associated: Bitfarms estimates Argentine facility will scale back BTC mining prices by 45%

Whereas many within the media nonetheless cite the potential environmental affect of crypto mining, Bitfarms claims its amenities in Canada are powered virtually completely by hydroelectric power. The agency at present has 10 mining farms in operation or beneath growth in international locations together with america, Argentina and Canada.

In keeping with knowledge from Cointelegraph Markets Professional, the worth of BTC fell beneath $40,000 earlier right now for the primary time since September earlier than returning to greater than $41,000.