Canadian crypto mining firm Bitfarms purchases 1,000 bitcoins

Bitfarms announced the successful purchase of 1,000 Bitcoin and the company aimed to accumulate huge Bitcoins in short terms. 

Bitcoin is going to be a mainstream adoption in this world of the money market. No one market, except crypto, exists where we can guarantee to get a return in the long term with huge safety. And this unique quality of Bitcoin as the best store of value is trying to make Bitcoin the most dominant and costly asset. 

Bitfarms is a Canadian crypto mining company. This company is now accumulating Bitcoins at a low price. This company is currently holding a total of $177 million in only Bitcoin. 

On 10 January, Bitfarms announced that the company purchased a total of 1,000 Bitcoin with a total of $43.2 Million, in the first week of January. 

This is not the first time buy of Bitcoins by this firm, earlier in Q3 and Q4 of 2 021 company purchased the same amount of Bitcoins to add to in the balance sheet of the company. 

At this current date, Bitfarms holds a total of 4,3000 Bitcoins on its balance sheet. And the worth of this Bitcoin is $177 million. 

Emiliano Grodzki, CEO of Bitfarms, shared his thoughts on this Bitcoin buy and said that they want to accumulate more Bitcoins to benefit our investors. Further, he continues: 

“With the dip in BTC, while mining hardware prices remain high, we seized the opportunity to move cash into BTC.”

Earlier this, Bitfarms announced that they are planning to establish a new data centre in the US. And also the company confirmed that it has purchased land in Washington state.

Right now, Bitfarms have a total potential of 106 MW mining capacity and with this capacity, it is producing 2.2 exahashes per second. The company aimed to increase hash power by 8 EH/s by the end of this year. 

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