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Bitcoin mining

Bitfarms purchased $43.2M of Bitcoin in the first 7 days of 2022

10 Jan 2022 : 16:21
2 min read
  • Bitfarms buys 1,000 Bitcoin units in the first week of 2022.
  • The company has increased its Bitcoin holdings by around 30%.
  • It aims at 8 exahashes/second by the end of 2022.

Bitcoin mining firm Bitfarms recently revealed that it has purchased 1,000 Bitcoin units worth $43.2 million in the first week of 2022. 

Bitfarms increases its Bitcoin holdings by 30%

With the latest purchase, the Toronto-based publicly-traded company has surged its BTC holdings by around 30%. Bitfarms holds more than 4,300 Bitcoins in its treasury as of January 10, 2022. 

According to CEO Emiliano Grodski, the mining giant took advantage of the recent dip in the crypto market to stockpile BTC “at the lowest cost and in the fastest amount of time.”

He went on that this will hugely benefit the company’s shareholders. Grodski’s goal for 8 exahashes/sec by the end of the year is visible through his statement:

“We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.”

Miners are accumulating Bitcoin rather than selling 

Miners have been found grabbing Bitcoin they mined rather than selling them throughout 2021 in light of Bitcoin’s price surge and huge institutional investments. As we reported, major United States mining firms have accumulated more than $1 billion worth of Bitcoin till the third quarter of 2021.

Bitfarms announced earlier this week that it had mined a total of 3,452 Bitcoins in 2021. The recent shopping of 1,000 BTC units is roughly half of the company’s combined purchase in the third and fourth quarters of 2021.

Bitfarms had mined 363 bitcoins in the last month of 2021, whereas the rival mining firm Marathon mined 484.5 bitcoins. Bitfarms’ monthly output, on the other hand, was more steady throughout the year.

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Anisha Pandey

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A writer, an artist, an engineer, and a girl with a colorful mind, Anisha believes in achieving results smartly and diligently.

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