Bitfarms, a Canadian crypto mining company, has already purchased 1,000 Bitcoin in 2022. The company’s strategy is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of its shareholders.
Bitfarms claimed in a Monday announcement that it bought 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, nearly the same amount it put into its treasury in the third and fourth quarters of 2021.
According to the mining company, it presently possesses over 4,300 BTC worth $177 million at a price of $41,183 as of Jan. 10.
“At Bitfarms, our guiding company strategy is to amass the most Bitcoin for the lowest cost and in the shortest length of time for the benefit of our shareholders,” stated Emiliano Grodzki, the company’s founder and CEO.
“We took advantage of the decline in BTC while mining hardware prices remained high to shift funds into BTC.”
Following the purchase of a land piece in Washington State in November, the mining company revealed its desire to establish its first data centre in the United States.
According to the company’s website, Bitfarms has a total mining capacity of 106 MW, producing 2.2 exahashes every second at the time of publication. It plans to increase this pace by more than 260 percent by the end of the year, reaching 8 EH/s, according to Grodzki.
While many in the media continue to raise concerns about crypto mining’s possible environmental impact, Bitfarms maintains that its facilities in Canada are nearly exclusively powered by hydroelectric electricity.
The company now operates or is developing ten mining farms in nations such as the United States, Argentina, and Canada. BTC dipped below $40,000 for the first time since September earlier today, according to Cointelegraph Markets Pro statistics, before rebounding to above $41,000.