The crypto mining company bought 1,000 BTC at a discount price and raised its treasury to more than $ 150 million in bitcoins.
Nasdaq-listed bitcoin mining company Bitfarms has taken advantage of the recent price drop in the cryptocurrency market to acquire Bitcoin.
Bitfarms, based in Toronto, Canada, announced on Monday the acquisition of 1,000 bitcoins for a total price of $ 43.2 million. The most recent purchase occurred during the first week of January 2022 and increased the company’s holdings by 30%, as stated in a press release.
The well-known crypto mining company took advantage of the price correction seen in the market to accumulate bitcoins at the lowest cost and in the least amount of time, said its CEO, Emiliano Grodzki.
The leader highlighted that the company continues to optimize its bitcoin acquisition strategy due to the drop in BTC and mining hardware prices remaining high. The team took the opportunity to move cash to BTC. The group still desires to execute its operational growth strategy and to its 8 exahash / second by the end of 2022.
Bitfarms buys Bitcoin at a discount price Bitfarms’ latest cryptocurrency acquisition comes amid a pronounced bear market.
A Fall in the prices
The price of the flagship cryptocurrency has been progressively falling since its November all-time high of close to $ 70,000. At press time, BTC is seeing difficulty staying above $ 40,000, a resistance level not registered since July of last year. The widespread crash has also seen other major cryptos subtract significant gains.
On the other hand, the Bitfarms purchase also emerges amid a growth trend for the hash rate of the Bitcoin network, the hash rate of the first Blockchain network reached new all-time highs above 200 exahashes per second (EH / s) earlier this year. This rise represents a vital recovery in the network after the collapse of more than 50% last year that China caused.
Bitfarms, which appeared on the Toronto Stock Exchange in 2019, has been acquiring Bitcoin as part of its treasury strategy. The company added about 2,000 BTC between the third and fourth quarters of 2021.
According to the statement, currently, following the latest purchase, Bitfarms keeps more than 4,300 bitcoins circulating on its balance sheet.
An Increase a the End of the Year
The miner last week reported production of 3,452 bitcoins during 2021. Total Bitfarms holdings surprisingly increased more than 3,300 bitcoins at the end of last year, worth $ 135.8 million at current prices.
It is not the only company that has taken advantage of the drop in prices to acquire cryptocurrency. MicroStrategy, the business intelligence software company and most prominent institutional whale, also raised its balance sheet of the flagship cryptocurrency to nearly $ 95 million in late December.
By: Jenson Nuñez
