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Bitfarms bought over $43M in Bitcoin to start the new year.

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Bitfarms, a Canadian crypto mining company, has already bought 1,000 Bitcoin in 2022, bringing its total Bitcoin holdings to over $177 million.

Bitfarms Background

Bitfarms, a global Bitcoin self-mining firm, was founded in 2017 and operates vertically-integrated mining operations with onsite technical repair, proprietary data analytics, and Company-owned electrical engineering and installation services to ensure high operational performance and uptime.

Bitfarms became the first Bitcoin mining firm to file its long-form prospectus with the Ontario Securities Commission and begin trading on the TSX-V in July 2019, after demonstrating quick growth and exceptional operations. Bitfarms was honored to be named a Rising Star by the TSX-V on February 24, 2021. Bitfarms started using the Nasdaq Stock Market for its trading activities on June 21, 2021.

Bitfarms offers a varied platform for production, having five industrial-scale facilities in Quebec, Canada, and another one in Washington, USA.

Each plant is powered by environmentally beneficial hydroelectricity to the tune of over 99 percent, with long-term power contracts in place. Bitfarms is currently the only publicly traded pure-play mining company that has had its financial statements audited by one of the Big Four accounting firms.

Metrics for Bitcoin Purchases

Bitfarms paid $43.2 million for 1,000 bitcoins in the first week of January 2022. As of January 10, 2022, BTC holdings had climbed by 30% to over 4,300.

1,000 BTC almost equals the amount of Bitfarms added to the treasury in the 3rd Quarter as well as the 4th quarter of the year 2021.

Bitfarms announced on Monday that it bought 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, nearly the same amount it added to its treasury in the third and fourth quarters of 2021. According to the mining organization, it currently possesses over 4,300 BTC worth $177 million, or $41,183, as of Jan. 10.

“At Bitfarms, our guiding company strategy is to amass the most Bitcoin for the least cost and in the shortest time frame for the benefit of our shareholders,” said Emiliano Grodzki, the company’s founder and CEO. He added that they took advantage of the drop in BTC while mining hardware prices remained high to pump money into BTC.

Following the purchase of a land piece in Washington State, the mining agency announced its desire to create its first knowledge center in the United States in November. According to the company’s website, Bitfarms has a total mining capacity of 106 MW, capable of producing 2.2 exahashes every second at the time of writing.

Grodzki claims that by the end of the year 2022, the rate will have increased by over 260 percent, to 8 EH/s.

While many in the media continue to raise concerns about bitcoin trading possible environmental impact, Bitfarms maintains that its services in Canada are nearly entirely powered by hydroelectric energy. The agency now operates or is developing ten mining farms in countries such as the United States, Argentina, and Canada.

BTC’s value went below $40,000 for the first time since September, according to information from Cointelegraph Markets Pro, before rebounding to more than $41,000.

Key takeaways regarding Bitfarm’s BTC purchase

Bitfarms’ latest purchase is the company’s first bitcoin buy; the rest of its bitcoin is derived purely via mining. Bitfarms reported Monday that the purchase increased the publicly traded company’s BTC holdings by 30% to over 4,300.

Bitfarms, based in Toronto, took advantage of the recent fall in the cryptocurrency market to amass bitcoin at “the least price and in the shortest time frame,” according to CEO Emiliano Grodzki. “We seized the chance to pump funds into BTC with the drop in BTC price while mining hardware prices remain up,” he continued.

Last Monday, Bitfarms revealed that it has mined 3,452 bitcoins in 2021.

After the announcement, the shares of Bitfarms in Nasdaq-listed moved up nearly by 4 percent in pre-market trade, essentially mirroring the bigger crypto market’s losses of approximately 3 percent in the last 24 hours. Bitfarms’ investment came barely a week since MicroStrategy, a renowned data analytics company led by Michael Saylor (a bull in the BTC market), announced that it had bought up to 2,000 BTC for a whopping $94 million at the beginning of December, as prices fought to recover losses after a stunning record run earlier in November.

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