Bitfarms, a Canadian cryptocurrency mining company, has purchased 1,000 Bitcoin in 2022, bringing its total Bitcoin holdings to $177 million.
Bitfarms announced on Monday that it purchased 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, approximately the same amount it spent in the third and fourth quarters of 2021. According to the mining company, it presently has over 4,300 BTC worth $177 million at a price of $41,183 as of January 10th.
“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,” said 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.”
Following the purchase of a land piece in Washington State in November, the mining company revealed 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, producing 2.2 exahashes every second at the time of publication. It plans to increase this pace by more than 260 percent by the end of the year, reaching 8 EH/s, according to Grodzki.
While many in the media continue to raise concerns about crypto mining’s possible environmental impact, Bitfarms maintains that its facilities in Canada are nearly exclusively powered by hydroelectric electricity. The company now operates or is developing ten mining farms in nations such as the United States, Argentina, and Canada.
