Bitfarms buys over $43 million in bitcoin to start new year

Canadian crypto mining firm Bitfarms has already purchased 1,000 bitcoins in 2022, bringing its total crypto holdings to more than $177 million.

In an announcement on Monday, Bitfarms said it purchased 1,000 bitcoins (Bitcoin) sold for $43.2 million in the first week of January, roughly the same amount the company raised in the third and fourth quarters of 2021. According to the miner, it currently holds more than 4,300 BTC, or roughly $177 million, at a price of $41,183 as of Jan. 10.

“Our guiding corporate strategy at Bitfarms is to accumulate the most Bitcoin at the lowest cost and in the fastest time for the benefit of our shareholders,” said Bitfarms founder and CEO Emiliano Grodzki. “As BTC fell and mining hardware prices remained high, we seized the opportunity to move cash into BTC.”

In November, the mining company announced its intention to Builds its first data center In the US after purchasing a piece of land in Washington state. The company’s website states that Bitfarms had a total mining capacity of 106 megawatts at launch, producing 2.2 exahashes per second. According to Grodzki, it aims to increase this rate by more than 260% to 8 EH/s by the end of this year.

related: Bitfarms Estimates Argentine Facility Will Cut BTC Mining Costs by 45%

Although many media still cite Potential Environmental Impacts of Crypto Mining, Bitfarms claims its facilities in Canada are powered almost entirely by hydroelectricity. The company currently has 10 operating or developing mines in countries including the United States, Argentina and Canada.

According to data from Cointelegraph Markets Pro, price BTC falls below $40,000 Earlier today, for the first time since September, it was back above $41,000.