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Bitfarms buys 1,000 bitcoin worth $ 40 million



Bitfarms, the exchange-traded Bitcoin miner, announced that it bought 1,000 Bitcoin worth $ 43 million in the first week of January.

In the first week of January 2022, Bitfarms bought 1,000 BTC for $ 43.2 million. This increased the BTC inventory by 30% to over 4,300 BTC as of January 10, 2022. Emiliano Grodzki, founder and CEO of Bitfarms, said the following:

“Our guiding corporate strategy at Bitfarms is to accumulate the most bitcoin at the lowest cost and in the fastest time for the benefit of our shareholders. To this end, we are continuously optimizing our capital allocation. With the collapse of the BTC price and high prices for mining hardware at the same time, we seized the opportunity to reallocate cash into BTC. We continue to strive to implement our operational growth strategy and achieve our target of 8 exahash / second by the end of 2022. ”

Founded in 2017, Bitfarms is a global Bitcoin self-mining company that conducts vertically integrated mining activities with on-site technical repair, proprietary data analysis, and in-house electrical and installation services to ensure high operational performance and uptime.

Previously, due to the instability in the mining industry following political demonstrations in Kazakhstan and the first signs of US monetary tightening by the Fed, Bitcoin had plummeted more than 18% in less than two weeks. The majority of assets in the cryptocurrency market are oversold according to technical indicators such as the Relative Strength Index.

Meanwhile, a Spanish legislator sees an opportunity in the collapse of Bitcoin mining in Kazakhstan. Ciudadanos MP, María Muñoz, has proposed a bill to turn Spain into a bitcoin mining hotspot after the internet shutdown in Kazakhstan caused a mining outage.

As the fluctuations in the Bitcoin hash rate have shown time and again, the mining infrastructure is not geographically limited. China's mining ban, for example, benefited Kazakhstan and Kosovo.

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