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Bitfarms Buys 1K Bitcoin in 2022, Makes Total Holdings Of Crypto Asset More Than $177M

Bitfarms, the Canadian crypto mining firm, has already bought 1,000 Bitcoin in 2022, making its total holdings of the crypto asset more than $177 million.

It has been reported that Bitfarms said it purchased 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, around the same amount the company added to its treasury in both the third and fourth quarters of 2021.

However, according to the mining firm, it currently holds more than 4,300 BTC as of January 10, around $177 million at a price of $41,183.

Emiliano Grodzki, the founder and CEO of Bitfarms, said:

“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. With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.”

The report said that in November, the mining firm announced its intention to build its first data center in the United States following the purchase of a land plot in Washington State. The company’s website states Bitfarms has a total mining capacity of 106 MW at the time of publication producing 2.2 exahashes per second.

According to Grodzki, it aims to raise this rate by more than 260% by the end of the year to 8 EH/s. While many in the media still cite the potential environmental impact of crypto mining, Bitfarms claims its facilities in Canada are powered almost entirely by hydroelectric energy. The firm currently has 10 mining farms in operation or under development in countries including the United States, Argentina, and Canada.

Thus, the price of BTC fell under $40,000 earlier Monday for the first time since September before returning to more than $41,000.

Source: Cointelegraph



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