Bitfarms Takes Opportunity to Buy 1,000 More Bitcoins (BTC) Amid the Doomsday Market

One of the top Bitcoin miners in North America, Bitfarms, took advantage of the bearish market opportunity and added 1,000 BTC to its balance sheet.

Bitfarms Takes Opportunity to Buy 1,000 More Bitcoins (BTC) Amid the Doomsday Market
Bitfarms Takes Opportunity to Buy 1,000 More Bitcoins (BTC) Amid the Doomsday Market

On January 10, Bitfarms announced that they had just purchased 1,000 more Bitcoins, bringing their total BTC holdings to 30%, more than 4,300 BTC at press time. Although Bitfarms does not disclose the average price for the latest purchase, based on the total spend of $43.2 million, it can be inferred that the company has bottomed out $43,2000 per BTC.

CEO Emiliano Grodzki said that with the recent drop in Bitcoin combined with mining hardware prices remaining high, Bitfarms must seize the opportunity to move more cash into BTC.

“Our directional strategy at Bitfarms is to accumulate the most Bitcoins at the lowest cost and in the fastest time for the benefit of our shareholders. To that end, we continuously optimize our capital allocation.”

– See more: Bitcoin Miner Stock Profits Totally Beat BTC This Year

Regarding previous direct Bitcoin investments, Bitfarms has always been in the top of the most profitable companies. While the billion dollar Bitcoin (BTC) investment of giants like MicroStrategy and Tesla were all x2 at a time when Bitcoin was on a strong growth momentum towards ATH $ 69,000, Bitfarms’ profits increased by 760%.

Despite facing Bitcoin’s current severe decline, Bitfarms’ investment index remains quite impressive, 4.7 times return (not counting 1,000 BTC just bought).

Bitcoin investments and holdings by many of the top giants.  Source: Bitcoin Treasuries
Bitcoin investments and holdings by many of the top giants. Source: Bitcoin Treasuries

Besides, Bitfarms also revealed that they have mined 3,452 Bitcoins throughout 2021. Especially in August, 391 Bitcoins were mined from the company owning 99% clean energy. The above achievements mainly come from the suppression of China. Since the ban, Bitfarms immediately recorded 50% growth in Bitcoin mining productivity.

Founded in 2017, Bitfarms is a publicly traded company in the United States and Canada. Shares of Bitfarms began trading on the TSX venture exchange (TSX-V) in July 2019 and Nasdaq in June 2021. The company has five industrial-scale Bitcoin mining facilities located in Québec and a facility in Washington state.

Synthetic Coin68

Maybe you are interested:

Maybe you are interested:

Thanks for Reading

Enjoyed this post? Share it with your networks.

Get more stuff

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Leave a Feedback!