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Cryptocurrency

Bitcoin Miner Bitfarms Buys 1,000 BTC

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Nasdaq-listed bitcoin miner Bitfarms said Monday it purchased 1,000 BTC in the first week of January, an amount that increased the company’s bitcoin holdings by about 30%. The company said it now holds 4,300 BTC in its treasury.

“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,” Bitfarms’ CEO Emiliano Grodzki said in a statement.

Bitfarms said the $43.2 million purchase sought to capture the discounted bitcoin price as hardware prices remain high, an investment venue the company explores to expand its operations and increase hash rate output. The 1,000 new bitcoin bought in a week represents what the miner added to its holdings in each of the third and fourth quarters of 2021. However, the company said the cash allocation shouldn’t get in the way of its hash rate goal for 2022, which would put the company’s capacity at eight exahashes per second (EH/s) by year-end.



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