Bitfarms buys down: 1,000 BTC buys from Treasury as BTC falls, while mining hardware costs remain high


Global bitcoin firm Bitfarms bought and added 1,000 bitcoins to its records, while the cost of mining hardware remains high. The company’s vaults currently hold a considerable 4,300 bitcoins.

Mining companies buy the dip

Bitfarms Ltd. took advantage of the devaluation of Bitcoin. The publicly listed bitcoin company announced Monday that it purchased 1,000 bitcoins for its treasury. Announcement details:

During the first week of the 2022 calendar month, Bitfarms purchased 1,000 BTC for $43.2 million. This increased BTC holdings by 30% to over 5,300 as of January 10, 2022.

Founded in 2017, Bitfarms may be a publicly traded company in the US and Canada. Its shares began mercantilism on the TSX Venture Exchange (TSX-V) in July 2019 and on the Information Systems Stock Exchange in calendar month 2021. The company owns five industrial-scale bitcoin mining facilities in Quebec and one in Washington state.

“Our guiding corporate strategy at Bitfarms is to accumulate the most important bitcoins at the lowest value and fastest time on your time to benefit our shareholders,” explained company executive Emiliano Grodzki. “To this end, We tend to optimize our capital allocation on a regular basis.”

He elaborated:

As BTC falls and mining hardware costs remain high, we tend to forfeit opportunities to put funds into BTC.

Grodzki also said: “We remain committed to executing our operational growth strategy and reaching our target of 8 exahash per second by the end of 2022.”

Bitfarms announced last week that it would divest 3,452 bitcoins in 2021. The company executive noted at the time that “by 2021, we tend to start retaining almost all of our BTC production, which is a strong record.”

Post Bitfarms buys down: 1,000 BTC buys from Treasury as BTC falls, while mining hardware costs remain high First appeared in Bitcoin wire.



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