Canadian crypto mining company Bitfarms has already bought 1,000 Bitcoin this year. As a result, the company already owns more than $177 million in BTC tokens.
The mining company now owns 4,300 BTC
“Our guiding business strategy at Bitfarms is to buy a lot of Bitcoin at the lowest price, for the benefit of our shareholderssaid founder and CEO Emiliano Grodzki.
In an announcement on Monday, Bitfarms said it bought 1,000 Bitcoin (BTC) for $43.2 million in the first week of January. This is roughly the same amount the company bought in both the third and fourth quarters of 2021. According to the mining company, it currently holds more than 4,300 BTC. This is approximately $177 million at a price of $41,183.
“With BTC in a slump while mining hardware prices remain high, we seized the opportunity to buy a lot of BTC.” According to Grodzki.
Do you want to trade Bitcoin on one of the largest and most reliable exchanges in the world? Click here. and go to KuCoin.
10 mining companies in development
In November, the mining company announced its intention to build its first data center in the United States. The company’s website states that Bitfarms currently has a total mining capacity of 106 MW. It produces 2.2 exahashs per second (EH/s). According to Grodzki, it aims to increase this percentage by more than 260% to 8 EH/s by the end of the year.
Many in the media are still citing the potential environmental impact of crypto mining. Meanwhile, Bitfarms claims that its facilities in Canada are almost entirely powered by hydroelectric power. The company currently has 10 mining companies in operation or under development in the United States, Argentina and Canada, among others.
Earlier today, according to data from Cointelegraph Markets Pro, the price of BTC fell below $40,000 for the first time since September. After this, he returned to over $41,000.