Bitfarms purchased more than $43M in Bitcoin to start the new year

Canadian crypto mining agency Bitfarms has already purchased 1,000 Bitcoin in 2022, making its complete holdings of the crypto asset more than $177 million.

In a Monday announcement, Bitfarms mentioned it purchased 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, roughly the similar quantity the firm added to its treasury in each the third and fourth quarters of 2021. According to the mining agency, it at present holds more than 4,300 BTC as of Jan. 10, roughly $177 million at a value of $41,183.

“Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” mentioned Bitfarms founder and CEO Emiliano Grodzki. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.”

In November, the mining agency introduced its intention to construct its first information middle in the United States following the buy of a land plot in Washington State. The firm’s web sites states Bitfarms has a complete mining capability of 106 MW at the time of publication producing 2.2 exahashes per second. According to Grodzki, it goals to increase this charge by more than 260% by the finish of the year, to 8 EH/s.

Related: Bitfarms estimates Argentine facility will cut back BTC mining prices by 45%

While many in the media nonetheless cite the potential environmental impression of crypto mining, Bitfarms claims its amenities in Canada are powered nearly solely by hydroelectric vitality. The agency at present has 10 mining farms in operation or underneath growth in nations together with the United States, Argentina and Canada.

According to information from Cointelegraph Markets Pro, the value of BTC fell underneath $40,000 earlier at this time for the first time since September earlier than returning to more than $41,000.