Bitfarms, a cryptocurrency mining company based in Canada, was recently bought for $43 million. Bitfarms is one of the first companies to sell power from their farms back to Bitcoin and other cryptocurrencies and offers an interesting perspective on what can be achieved with this technology.
Billionaire bought bitcoin is a term that is used quite a bit in the cryptocurrency world. Bitfarms bought over $43 million in Bitcoin to kick off the new year. Read more in detail here: Billionaire Bought Bitcoin.
Bitfarms, a Canadian crypto mining company, has already bought 1,000 Bitcoin in 2022, bringing its total Bitcoin holdings to more than $177 million.
Bitfarms claimed in a release on Monday that it had bought 1,000 Bitcoin (BTC) in the first week of January for $43.2 million, almost the same amount it had put in its coffers in the third and fourth quarters of 2021. According to the mining company, it currently holds more than 4,300 BTC worth $177 million at a price of $41,183 as of January 10.
“At Bitfarms, our guiding corporate strategy is to collect the most Bitcoin at the lowest cost and in the shortest time for the benefit of our shareholders,” said Emiliano Grodzki, the company’s founder and CEO. “We benefited from the decline in BTC, while mining hardware costs remained high to push funds into BTC.”
We increased our #Bitcoin positions by 30%.
https://t.co/xCcIUHkWsU for more information
#BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK $BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK
Bitfarms (@Bitfarms io) (@Bitfarms io) (@Bitfarms io) (@Bit January 10, 2022
After acquiring a piece of real estate in Washington state in November, the mining company announced its desire to establish its first data center in the United States. According to the company’s website, Bitfarms has a total mining capacity of 106 MW, generating 2.2 exahashs per second at the time of writing. According to Grodzki, it hopes to increase this rate by more than 260 percent to 8 EH/s by the end of the year.
Bitfarms predicts that the Argentine plant will cut BTC’s mining costs by 45 percent.
While many in the media continue to voice concerns about the potential environmental impact of crypto mining, Bitfarms claims its facilities in Canada are powered almost exclusively by hydroelectric electricity. The company now operates or develops ten mining companies in countries such as the United States, Argentina and Canada.
Earlier today, BTC plunged below $40,000 for the first time since September, according to Cointelegraph Markets Pro statistics, before rebounding above $41,000.
Bitfarms, a company that has been in the cryptocurrency mining business for some time, recently bought more than $43 million worth of Bitcoin. With this money, the company wants to start the new year with a bang. Reference: mining companies.
Related Tags
- 50 net worth in bitcoin
- bitcoin farms
- btc under $40k
- Bitcoin revival
- kosovo crypto mining
