Bitcoin Miner Bitfarms Buys 1,000 BTC

Bitcoin Miner Bitfarms Buys 1,000 BTC

Nasdaq-listed bitcoin miner Bitfarms stated Monday it bought 1,000 BTC within the first week of January, an quantity that elevated the corporate’s bitcoin holdings by about 30%. The corporate stated it now holds 4,300 BTC in its treasury.

“Our guiding firm technique at Bitfarms is to build up probably the most Bitcoin for the bottom value and within the quickest period of time for the good thing about our shareholders,” Bitfarms’ CEO Emiliano Grodzki stated in a statement.

Bitfarms stated the $43.2 million buy sought to seize the discounted bitcoin value as {hardware} costs stay excessive, an funding venue the corporate explores to broaden its operations and enhance hash price output. The 1,000 new bitcoin purchased in per week represents what the miner added to its holdings in every of the third and fourth quarters of 2021. Nonetheless, the corporate stated the money allocation shouldn’t get in the best way of its hash price purpose for 2022, which might put the corporate’s capability at eight exahashes per second (EH/s) by year-end.

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