Bitfarms buys another 1,000 bitcoins, increasing the total to $ 177 million

Canadian crypto mining company Bitfarms bought 1,000 bitcoins in 2022. With that, their total crypto holdings are now worth more than $ 177 million.

In an announcement on Monday, Bitfarms said They bought 1,000 BTC for $ 43.2 million in the first week of January, roughly the amount the company added to its coffers in both the third and fourth quarters of 2021.

The company now holds more than 4,300 BTC as of January 10th.

“Bitfarms’ strategy is to amass the most bitcoins at the lowest cost and in the shortest possible time for the benefit of our shareholders. Since BTC fell while mining hardware prices remained high, we took the opportunity to redeem BTC, ”said Emiliano Grodzki, Founder and CEO of Bitfarms.

In November, the mining company announced that it would build its first data center in the United States after purchasing a piece of land in Washington state. According to the company’s website, at the time of the announcement, Bitfarms has a total mining capacity of 106 MW producing 2.2 exahashes per second (EH / s). According to Grodzki, the company aims to increase this rate by more than 260% to 8 EH / s by the end of the year.

While many media outlets are still citing the potential environmental impact of cryptocurrency mining, Bitfarms claims that their facilities in Canada are powered almost entirely by hydropower. The company currently has 10 active or growing mining operations in countries such as the United States, Argentina, and Canada.

Bitcoin price fell below $ 40,000 last night in an unexpected move that made traders nervous. The price has now returned to the $ 42,000 range.

Source: TradingView

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