Thursday, January 27, 2022

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

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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 worth 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 first 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 in 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 positioned 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 alternative to transfer money into BTC.

Grodzki additional mentioned: “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 at the time, “In 2021, we began to retain virtually all of our BTC production, which strengthened our balance sheet.”

Tags on this story
bitcoin stability sheet, Bitfarms, bitfarms shopping for the dip, bitfarms buys bitcoin, bitfarms buys btc, bitfarms crypto, bitfarms cryptocurrency, purchase the dip, corporate treasury, low bitcoin costs, mining {hardware}, mining {hardware} excessive costs

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

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.




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