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

Global bitcoin mining firm Bitfarms has purchased the dip and added 1,000 bitcoins to its stability sheet whereas the costs of mining {hardware} stay excessive. The firm’s company treasury now holds greater than 4,300 bitcoins.

Mining Company Buys the Dip

Bitfarms Ltd. has taken benefit of the falling value of bitcoin. The publicly traded bitcoin mining firm introduced Monday that it has bought 1,000 BTC for its treasury. The announcement particulars:

During the primary week of January 2022, Bitfarms bought 1,000 BTC for US$43.2 million. This elevated the BTC holdings 30% to over 4,300 as of January 10, 2022.

Founded in 2017, Bitfarms is a publicly traded firm within the U.S. and Canada. Its shares began buying and selling on the TSX Venture Exchange (TSX-V) in July 2019 and on the Nasdaq Stock Market in June 2021. The firm has 5 industrial-scale bitcoin mining amenities situated in Québec and one in Washington state.

“Our guiding firm technique at Bitfarms is to build up probably the most bitcoin for the bottom price and within the quickest period of time for the good thing about our shareholders,” defined CEO Emiliano Grodzki. “To that finish, we frequently optimize our capital allocation.”

He elaborated:

With the dip in BTC whereas mining {hardware} costs stay excessive, we seized the chance to maneuver money into BTC.

Grodzki additional stated: “We proceed to be dedicated to executing our operational development technique and delivering our aim of 8 exahash/second by the tip of 2022.”

Bitfarms introduced final week that it mined 3,452 bitcoins in 2021. The CEO famous on the time, “In 2021, we started to retain just about all of our BTC manufacturing, which strengthened our stability sheet.”

What do you consider Bitfarms shopping for 1,000 bitcoins for its treasury amid excessive mining {hardware} costs? Let us know within the feedback part beneath.