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Global bitcoin company Bitfarms has bought the dip and added 1,000 bitcoins to its record whereas the costs of mining hardware stay high. The company’s treasury currently holds quite 4,300 bitcoins.

Mining Company Buys the Dip

Bitfarms Ltd. has taken advantage of the falling worth of bitcoin. The publicly listed bitcoin company proclaimed on Monday that it purchased 1,000 BTC for its treasury. The announcement details:

During the primary week of Gregorian calendar month 2022, Bitfarms purchased 1,000 BTC for US$43.2 million. This multiplied the BTC holdings 30% to over 5,300 as of January 10, 2022.

Founded in 2017, Bitfarms could be a publicly listed company within the U.S. and Canada. Its shares started mercantilism on the TSX Venture Exchange (TSX-V) in July 2019 and on the information system stock exchange in Gregorian calendar month 2021. The corporation has 5 industrial-scale bitcoin mining facilities situated in Québec and one in Washington state.

“Our guiding company strategy at Bitfarms is to accumulate the foremost bitcoin for the bottom value and within the quickest quantity of your time for the advantage of our shareholders,” explained corporate executive Emiliano Grodzki. “To that end, we tend to frequently optimize our capital allocation.”

He elaborated:

With the dip in BTC whereas mining hardware costs stay high, we tend to confiscate the chance to maneuver money into BTC.

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Grodzki additionally said: “We are still committed to executing our operational growth strategy and delivering our goal of eight exahash/second by the end of 2022.”

Bitfarms proclaimed last week that it would strip-mined 3,452 bitcoins in 2021. The corporate executive noted at the time, “In 2021, we tend to begin to retain just about all of our BTC production, that is a strong record.”

The post Bitfarms Buys the Dip: 1,000 Bitcoin side to Treasury as BTC Falls whereas Mining Hardware Costs Stay High first appeared on BTC Wires.

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