Canadian bitcoin mining company Bitfarms bought the dip adding 1,000 Bitcoin to it’s balance sheet. The company now holds more than 4,300 Bitcoin in its reserves.
Canadian Bitcoin Miner Bitfarms Buys the Dip
Bitfarms Ltd. (Ticker: BITF) bought the recent BTC dip as investors scrambled during high volatility. As the price briefly dipped below USD $40K, Bitfarms announced on Monday, January 10th, 2022 that it has purchased 1,000 BTC to be added to its treasury.
The total purchase price amounted to USD $43.2M, increasing the company’s holdings by 30%.
Emiliano Grodzski (Founder & CE0), said in a statement:
‘’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. To that end, we continually optimize our capital allocation.’’
Bitfarms Operations
They currently operates five industrial-scale data mining facilities located across Quebec, Canada and Washington State. They made their Nasdaq debut on June 17, 2021.
Grodzski further said: ‘’We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.’’
With crypto mining hardware prices surging, the company believes that the most optimal strategy would be to buy BTC as it dips with its cash reserves as they continue to execute on their long term HODL strategy.
The company also announced that their total production output in 2021 exceeded their expectations. The company announced that it had mined 3,452 bitcoins in 2021. Furthermore, the company’s bold plans will cement them as a leader in the cryptocurrency mining space.
During this period, they secured nearly 60,000 new generation miners, grew operational capacity by 53%, increased hash rate by 228%, and expanded their footprint internationally into Washington State. In conclusion, Bitfarms should be a top cryptocurrency miner to watch in 2022.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global blockchain infrastructure company with operations in Quebec, Canada and Washington State. They own and operate state of the art, vertically integrated data centers. They come equipped with onsite technical repair, hydro power, proprietary data analytics and robust digital infrastructure and computing power. Lastly, Bitfarms owns and operates one of the largest cryptocurrency mining operations in North America.
