Bitcoin Miner Bitfarms Buys 1,000 BTC

1 Mins read

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.

Source link

Related posts

Global Crypto Owners Predicted to Surpass 1 Billion This Year – Featured Bitcoin News

2 Mins read
The number of global crypto owners is expected to exceed one billion by the end of the year, according to a report…

Lack Of Liquidations Could Indicate Another Wave Of Selling

2 Mins read
Bitcoin finally broke below the $40K point this past weekend. This had sent the cryptocurrency back towards six-month lows. One thing though…

What To Know About Bitcoin And Taxes

6 Mins read
Source: Yes, it’s that time of year again. The new year is upon us and we all need to start gathering…

Leave a Reply

Your email address will not be published. Required fields are marked *