Is it too late to say Happy New Year? Bitfarms_io is having a happy year either way with a new purchase of over $43M worth of Bitcoin.
Canadian crypto mining firm Bitfarms has already bought 1,000 Bitcoin in 2022, making its total holdings of the crypto asset more than $177 million.
In a Monday announcement, Bitfarms said it purchased 1,000 Bitcoin for $43.2 million in the first week of January, roughly the same amount the company added to its treasury in both the third and fourth quarters of 2021. According to the mining firm, it currently holds more than 4,300 BTC as of Jan. 10, roughly $177 million at a price of $41,183.
“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,” said Bitfarms founder and CEO Emiliano Grodzki. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.”
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