Bitfarms Buys 1,000 Bitcoins in First Week of January 2022
Bitfarms Ltd. (NASDAQ: BITF, TSXV: BITF), a worldwide Bitcoin self-mining firm, offers a Bitcoin (BTC) investment and treasury update. Bitfarms, which was established in 2017, is a vertically integrated international Bitcoin mining firm with onsite technical maintenance, proprietary business intelligence, and Company-owned electrical engineering and deployment facilities to achieve strong operating efficiency and high uptime.
Bitfarms turned out to be the first Bitcoin mining firm to file its long form application with the Ontario Securities Commission and got listed on the TSX-V in July 2019, after demonstrating quick growth and exceptional operations. Bitfarms was honored to be named a TSX-V Rising Star on February 24, 2021. Bitfarms got listed on on the Nasdaq exchage on June 21, 2021.
Bitfarms offers a diverse production platform that includes five industrial size centres in Québec and one in Washington province. Each plant is fueled by ecologically beneficial hydro-electricity and is protected by long-term power agreements. Bitfarms is the first publicly listed mining focused business that has been audited by a Big Four accounting firm.
“Our governing corporate level strategy at Bitfarms is to acquire the maximum quantity of Bitcoin for the cheapest price and in the shortest duration of time for the profit of our shareholders,”
stated Emiliano Grodzki, Founder and Chief executive of Bitfarms. “As a result, we are constantly optimizing our capital allocation. We took advantage of the drop in BTC while mining gear costs remained high to shift funds into BTC. We are dedicated to accomplishing our operational growth plan and meeting our target of 8 exahashes per second by the end of 2022.”
Bitfarms paid $43.2 million for 1,000 BTC during the initial week of January 2022. This raised BTC holdings by 30% to more than 4,300 on January 10, 2022. For comparison, 1,000 BTC is about comparable to the quantity Bitfarms put to the treasury in the third and fourth quarters of 2021.