Bitfarms, a US publicly-traded bitcoin mining company, has acquired 1,000 bitcoins (EXANTE: Bitcoin) for $43.2 million during the first week of 2022. This is the first large purchase made by the company in 2022, according to a press release.
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In Q3 and Q4 2021, Bitfarms also purchased 1,000 BTC. Bitfarms CEO, Emiliano Grodzki, said the purchase is a part of the company's commitment to execute operational growth strategy and reach 8 Eh/s by the end of 2022.
"With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC," Grodzki added.
As of January 10, 2022, Bitfarms hodls over 4,300 BTC (~$180 million). In the meantime, bitcoin is trying to hodl the $40,000 threshold. The cryptocurrency has already dipped down to $39,609, according to BitMEX. As of press time, bitcoin is trading at $41,624.
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