Bitfarms Buys $40 Million Bitcoin

Bitfarms, the stock traded bitcoin miner has announced they bought 1,000 bitcoin during the first week of January, worth $43 million.

“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,” Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer, said before adding:

“To that end, we continually optimize our capital allocation. With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC. We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.”

Bitfarms now holds more than 4,300 bitcoin as of January 10 2022, worth $178 million at the current price.

They mined 363 new bitcoin during December 2021, bringing the total for all of 2021 to 3,452 BTC.