Nasdaq-listed bitcoin miner Bitfarms said on Monday it bought 1,000 BTC in the first week of January, an amount that increased the company’s bitcoin holdings by about 30%. The company said it now has 4,300 BTC in its treasury.
“Our guiding business strategy at Bitfarms is to accumulate the most Bitcoin at the lowest cost and in the fastest time for the benefit of our shareholders,” Bitfarms CEO Emiliano Grodzki said in a statement. declaration.
Bitfarms said the $ 43.2 million purchase was aimed at capturing the reduced price of bitcoin as hardware prices remain high, an investment location the company is exploring to expand operations and increase the hash rate. . The 1,000 new bitcoins purchased in one week represent what the miner added to their holdings in each of the third and fourth quarters of 2021. However, the company said the cash allocation should not hamper its goal of hash rate for 2022, which would bring the company’s capacity to eight exahashs per second (EH / s) by the end of the year.
Bitfarms is a Canadian company that recently entered the United States with the acquisition of a 24 megawatt facility in Washington State. The miner, who also operates five farms in the Canadian province of Quebec, was listed on the Toronto Stock Exchange in 2019 and entered U.S. markets in June when it began trading on the Nasdaq.
Bitfarms mined 339 BTC in November and 363 BTC in December to surpass the mark of 3,000 bitcoins produced in 2021, the majority of which were deposited in custody. At the end of last year, the miner also got a $ 100 million bitcoin-backed credit facility with Galaxy Digital LLC, a subsidiary of Galaxy Digital Holdings. The original $ 60 million drawdown of the revolving multiple-draw credit facility was made with a term of six months at an annual interest rate of 10.75%.