Cryptomining company, Bitfarms, has announced that it purchased 1,000 bitcoin in the first week of January, worth $43 million.
The firm’s founder and CEO, Emiliano Grodzki, says that the move aligns with its strategy of amassing the most amount of BTC at the lowest possible cost in the shortest time.
Grodzki notes that with the drop in the price of BTC and the prevailing high hardware prices, Bitfarms has an opportunity to optimize its capital use.
The Toronto-based miner currently holds over 4,300 bitcoin as of January 10, 2022, estimated at $178 million based on the current rate.
The company mined 363 additional bitcoins in December last year to bring its total mined BTC in 2021 to 3,452.
Bitfarms reiterated its commitment to achieving eight exahash/second by the close of 2022 under its operational growth strategy.