Bitfarms Buys the Dip: 1,000 Bitcoin Added to Treasury as BTC Falls While Mining Hardware Prices Remain High

Global bitcoin mining institution Bitfarms has bought the dip and added 1,000 bitcoins to its equilibrium expanse portion the prices of mining hardware stay high. The company’s firm treasury present holds much than 4,300 bitcoins.

Mining Company Buys the Dip

Bitfarms Ltd. has taken vantage of the falling terms of bitcoin. The publically traded bitcoin mining institution announced Monday that it has purchased 1,000 BTC for its treasury. The announcement details:

During the archetypal week of January 2022, Bitfarms purchased 1,000 BTC for US$43.2 million. This accrued the BTC holdings 30% to implicit 4,300 arsenic of January 10, 2022.

Founded successful 2017, Bitfarms is simply a publically traded institution successful the U.S. and Canada. Its shares started trading connected the TSX Venture Exchange (TSX-V) successful July 2019 and connected the Nasdaq Stock Market successful June 2021. The institution has 5 industrial-scale bitcoin mining facilities located successful Québec and 1 successful Washington state.

“Our guiding institution strategy astatine Bitfarms is to accumulate the astir bitcoin for the lowest outgo and successful the fastest magnitude of clip for the payment of our shareholders,” explained CEO Emiliano Grodzki. “To that end, we continually optimize our superior allocation.”

He elaborated:

With the dip successful BTC portion mining hardware prices stay high, we seized the accidental to determination currency into BTC.

Grodzki further said: “We proceed to beryllium committed to executing our operational maturation strategy and delivering our extremity of 8 exahash/second by the extremity of 2022.”

Bitfarms announced past week that it mined 3,452 bitcoins successful 2021. The CEO noted astatine the time, “In 2021, we began to clasp virtually each of our BTC production, which strengthened our equilibrium sheet.”

What bash you deliberation astir Bitfarms buying 1,000 bitcoins for its treasury amid precocious mining hardware prices? Let america cognize successful the comments conception below.

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