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 trading 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 services situated in Québec and one in Washington state.
“Our guiding company strategy at Bitfarms is to accumulate the most bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” defined CEO Emiliano Grodzki. “To that end, we continually 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 continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.”
Bitfarms introduced final week that it mined 3,452 bitcoins in 2021. The CEO famous on the time, “In 2021, we began to retain virtually all of our BTC production, which strengthened our balance sheet.”
What do you concentrate on Bitfarms shopping for 1,000 bitcoins for its treasury amid excessive mining {hardware} costs? Let us know within the feedback part beneath.
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