Bitfarms Opens 2022 by Acquiring 1,000 BTC for $43.2M
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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.

76% of Total Bitcoin Supply in Circulation is Illiquid

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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