Bitfarms purchased more than $43M in Bitcoin to start the new year

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Canadian crypto mining agency Bitfarms has already purchased 1,000 Bitcoin in 2022, making its whole holdings of the crypto asset greater than $177 million.

In a Monday announcement, Bitfarms stated 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 accordance with the mining agency, it at present 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,” stated 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.”

In November, the mining agency introduced its intention to build its first data center 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 accordance with Grodzki, it goals to boost this price by greater than 260% by the top of the yr, to eight EH/s.

Associated: Bitfarms estimates Argentine facility will reduce BTC mining costs by 45%

Whereas many within the media nonetheless cite the potential environmental impact of crypto mining, Bitfarms claims its services in Canada are powered virtually fully by hydroelectric power. The agency at present has 10 mining farms in operation or below improvement in international locations together with the USA, Argentina and Canada.

In accordance with information from Cointelegraph Markets Pro, the value of BTC fell under $40,000 earlier right now for the primary time since September earlier than returning to greater than $41,000.