Global bitcoin mining company Bitfarms bought the dip of 1000 bitcoins for its treasury


Global self bitcoin mining company Bitfarms Ltd announced on January 10 that it had bought the dip of 1,000 bitcoins. The company took advantage of the slump in the prices of leading cryptocurrencies including Bitcoin and added 1000 more BTCs to its treasury worth $43.2 million. After purchasing the dip, the company’s corporate treasury’s Bitcoin holdings increased 30 percent to over 4,300 bitcoins by January 10.
The company optimized the opportunity to move cash into BTC with the dip, even though the prices of mining hardware remains high, Bitcoin.com reported citing Bitfarm CEO Emiliano Grodzki.
Bitfarms Ltd, a publicly traded company was founded in 2017 and is based in Toronto in Canada, and operates in both the US and Canada. The company has five industrial-scale Bitcoin mining facilities located in Québec and one in Washington state.
The CEO of the Bitcoin mining company elaborated the company strategy on purchasing the dip. He said that the guiding force at Bitfarms is to accumulate the maximum Bitcoin at the lowest possible price and in the shortest period of time to benefit shareholders of the company. To achieve this, Bitfarms constantly optimizes its capital allocation, Grodzki added.
Bitfarms CEO had announced on January 3 that week that the company had mined 3,452 Bitcoins in 2021. The company secured nearly 60,000 new generation miners, grew its operational capacity 53 percent, increased its hashrate 228 percent and expanded its footprint internationally, the CEO had explained.
The shares of Bitfarms Ltd started trading on the TSX Venture Exchange (TSX-V) in July 2019 and on the Nasdaq Stock Market in June 2021.Grodzki said his company aspires to continually be committed to executing its operational growth strategy and delivering the goal of 8 exahash/second by the end of 2022.
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