Global bitcoin mining company Bitfarms has bought the dip and added 1,000 bitcoins to its balance sheet while the prices of mining hardware remain high. The company’s corporate treasury now holds more than 4,300 bitcoins.
Mining Company Buys the Dip
Bitfarms Ltd. has taken advantage of the falling price of bitcoin. The publicly traded bitcoin mining company announced Monday that it has purchased 1,000 BTC for its treasury. The announcement details:
During the first week of January 2022, Bitfarms purchased 1,000 BTC for US$43.2 million. This increased the BTC holdings 30% to over 4,300 as of January 10, 2022.
Founded in 2017, Bitfarms is a publicly traded company in the U.S. and Canada. Its shares started trading on the TSX Venture Exchange (TSX-V) in July 2019 and on the Nasdaq Stock Market in June 2021. The company has five industrial-scale bitcoin mining facilities located in Québec and one in Washington state.
“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,” explained CEO Emiliano Grodzki. “To that end, we continually optimize our capital allocation.”
He elaborated:
With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.
Grodzki 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.”
Bitfarms announced last week that it mined 3,452 bitcoins in 2021. The CEO noted at the time, “In 2021, we began to retain virtually all of our BTC production, which strengthened our balance sheet.”
What do you think about Bitfarms buying 1,000 bitcoins for its treasury amid high mining hardware prices? Let us know in the comments section below.
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