Canadian Bitcoin mining company Bitfarms has taken advantage of the recent price slump to acquire 1,000 BTC in the first week of January.
According to the press release, Bitfarms acquired Bitcoins for US$43.2 million, increasing its holdings by 30%. As of now, the mining firm owns 4,300 BTC. Bitfarms produced nearly 3,500 bitcoins in 2021, more than Marathon’s production of 8,133 BTC.
“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 Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer, in the announcement. He added:
“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.”