The price of Bitcoin has been declining steadily as of late, and some have decided to take this opportunity and add to their positions. Toronto-based BTC miner Bitfarms becomes the latest to do so.
According to an official press release shared on Monday, January 10th, the Toronto-based Bitfarms – a Bitcoin self-mining company – has purchased a total of $1,000 BTC at an average price of $43,200.
The $43.2 million buy has taken place throughout the first week of the new year.
With this, the company has increased its holdings by 30% and currently has over 4,300 as of today.
It’s also worth noting that the 1,000 BTC that the company bought now is roughly the same amount that it added to its treasury during the third quarter of 2021 and later on in the fourth quarter of 2021.
Speaking on the matter was Emiliano Grodzki, Bitfarm’s CEO and Founder, who said:
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. To that end, we continually optimize our capital allocation. With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC. We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.
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