Global bitcoin mining firm Bitfarms bought the dip and added 1,000 bitcoins to its balance sheet, while prices for mining hardware remained elevated. The company’s corporate vault now holds more than 4,300 bitcoins.

Mining companies buy the dip

Bitfarms Ltd. took advantage of the falling price of Bitcoin. The publicly traded bitcoin mining company announced Monday that it has purchased 1,000 bitcoin for its treasury. Announcement details:

In the first week of January 2022, Bitfarms bought 1,000 bitcoin $43.2 million.This increases bitcoin 30% stake to over 4,300 companies as of January 10, 2022.

Founded in 2017, Bitfarms is a company listed in the US and Canada.Its shares traded on the Toronto Stock Exchange Venture Exchange (TSX-V) and NASDAQ stock market June 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 Bitcoin at the lowest cost and in the fastest time for the benefit of our shareholders,” explained CEO Emiliano Grodzki. “To this end, we are constantly optimizing our capital allocation.”

He elaborated:

with immersion bitcoin With mining rig prices high, we seized the opportunity to move cash to bitcoin.

Grodzki further stated: “We remain committed to executing our operational growth strategy and reaching our target of 8 exahash/sec by the end of 2022.”

Bitfarms announced last week that it mined 3,452 bitcoins in 2021. The CEO noted at the time, “By 2021, we start to keep almost all bitcoin. bitcoin production, which strengthens our balance sheet. “

What do you think of Bitfarms buying 1,000 bitcoins for its treasury amid high mining hardware prices? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.