Bitfarms, a global bitcoin mining company has purchased the dip and added 1000 bitcoins to the balance sheet. However, the price of bitcoin mining hardware remains high. The company’s corporate treasury now holds more than 4,300 bitcoins.
Mining Company Purchases the Dip
Bitfarms Ltd. is taking advantage of the fall in bitcoin prices. It announced Monday that 1,000 bitcoins were purchased by Bitfarms Ltd., a publicly traded bitcoin mining company. Here are the details of the announcement:
Bitfarms bought 1,000 BTC during the first week in January 2022 for US$43.2million. The BTC stockpile grew by 30%, to more than 4,300 BTC as of January 10, 2022.
Bitfarms was founded in 2017 and is publicly traded in Canada as well as the U.S. The shares began trading on the TSX Venture Exchange in July 2019, and the Nasdaq Stock Market June 2021. The company has five industrial-scale bitcoin mining facilities located in Québec and one in Washington state.
“Our guiding company strategy at Bitfarms is to accumulate the most bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” explained CEO Emiliano Grodzki. “To that end, we continually optimize our capital allocation.”
We seized this opportunity to transfer cash into BTC despite the steep decline in BTC and high prices for mining hardware.
Grodzki further said: “We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.”
Bitfarms last week announced that in 2021 it would have mined 3452 bitcoins. The CEO noted at the time, “In 2021, we began to retain virtually all of our BTC production, which strengthened our balance sheet.”
Do you agree with Bitfarms purchase of 1,000 bitcoins in order to support its treasury despite high prices for mining hardware? Please comment below.
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