Bitfarms purchased more than $43M in Bitcoin to start the new year
Bitfarms, a cryptocurrency mining company based in Canada was recently purchased for $43M. Bitfarms is one of the first companies to sell power from their farm back into Bitcoin and other cryptocurrencies offering an interesting perspective on what can be accomplished with this technology.
Billionaire bought bitcoin is a term that has been used in the cryptocurrency world quite a bit. Bitfarms purchased more than $43M in Bitcoin to start the new year. Read more in detail here: billionaire bought bitcoin.
Bitfarms, a Canadian crypto mining company, has already purchased 1,000 Bitcoin in 2022, bringing its total Bitcoin holdings to more over $177 million.
Bitfarms claimed in a Monday release that it bought 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, nearly the same amount it put into its treasury in the third and fourth quarters of 2021. According to the mining company, it presently possesses over 4,300 BTC worth $177 million at a price of $41,183 as of Jan. 10.
“At Bitfarms, our guiding corporate strategy is to amass the most Bitcoin for the lowest cost and in the shortest period of time for the benefit of our shareholders,” stated Emiliano Grodzki, the firm’s founder and CEO. “We took advantage of the decline in BTC while mining hardware costs remained high to shift funds into BTC.”
Following the acquisition of a property piece in Washington State in November, the mining company revealed its desire to establish its first data center in the United States. According to the company’s website, Bitfarms has a total mining capacity of 106 MW, generating 2.2 exahashes every second at the time of writing. It hopes to increase this rate by more than 260 percent by the end of the year, reaching 8 EH/s, according to Grodzki.
Bitfarms predicts that the Argentine plant will cut BTC mining expenses by 45 percent.
While many in the media continue to raise concerns about crypto mining’s possible environmental effect, Bitfarms maintains that its facilities in Canada are nearly exclusively powered by hydroelectric electricity. The company now operates or is developing ten mining farms in nations such as the United States, Argentina, and Canada.
BTC dipped below $40,000 for the first time since September earlier today, according to Cointelegraph Markets Pro statistics, before rebounding to above $41,000.
Bitfarms, a company that has been in the cryptocurrency mining business for a while now, has recently purchased more than $43M worth of Bitcoin. The company plans to use this money to start the new year with a bang. Reference: mining farms.