Bitcoin mining firm Bitfarms purchased 1,000 bitcoins worth $43.2 million during the first week of January.
- The purchase increased the publicly traded firm’s BTC holdings by 30% to over 4,300, Bitfarms announced Monday.
- Toronto-based Bitfarms took the opportunity offered by the crypto market’s recent dip to accumulate bitcoin at “the lowest cost and in the fastest amount of time,” CEO Emiliano Grodski said in the statement.
- “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC,” he added.
- Bitfarms announced last week that it had mined 3,452 bitcoins in all of 2021.