Canadian crypto mining agency Bitfarms has already purchased 1,000 Bitcoin in 2022, making its complete holdings of the crypto asset greater than $177 million.
In a Monday announcement, Bitfarms mentioned it bought 1,000 Bitcoin (BTC) for $43.2 million within the first week of January, roughly the identical quantity the corporate added to its treasury in each the third and fourth quarters of 2021. In response to the mining agency, it presently holds greater than 4,300 BTC as of Jan. 10, roughly $177 million at a value of $41,183.
“Our guiding firm technique at Bitfarms is to build up essentially the most Bitcoin for the bottom price and within the quickest period of time for the advantage of our shareholders,” mentioned Bitfarms founder and CEO Emiliano Grodzki. “With the dip in BTC whereas mining {hardware} costs stay excessive, we seized the chance to maneuver money into BTC.”
Elevated our #Bitcoin holdings 30%
Extra Information: https://t.co/xCcIUHkWsU
$BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK
— Bitfarms (@Bitfarms_io) January 10, 2022
In November, the mining agency introduced its intention to construct its first information middle in the USA following the acquisition of a land plot in Washington State. The corporate’s web sites states Bitfarms has a complete mining capability of 106 MW on the time of publication producing 2.2 exahashes per second. In response to Grodzki, it goals to boost this charge by greater than 260% by the tip of the yr, to eight EH/s.
Bitfarms estimates Argentine facility will cut back BTC mining prices by 45%
Whereas many within the media nonetheless cite the potential environmental affect of crypto mining, Bitfarms claims its amenities in Canada are powered virtually fully by hydroelectric power. The agency presently has 10 mining farms in operation or below improvement in international locations together with the USA, Argentina and Canada.
In response to information from Cointelegraph Markets Professional, the value of BTC fell below $40,000 earlier immediately for the primary time since September earlier than returning to greater than $41,000.
