Bitfarms Bought 1000 BTC in the First Week of January - One of North America's Leading Bitcoin Miners - Bitfarms took advantage of a bear market opportunity to add 1000 BTC to its balance sheet.

    The purchase increased the publicly traded firm’s BTC holdings by 30% to over 4,300.

    On January 10, Bitfarms announced that they had just bought another 1,000 Bitcoins, bringing the total BTC holdings to 30%, more than 4,300 BTC at the time of writing. Although Bitfarms does not disclose the average price for the latest purchase, based on the total spend of $43.2 million, it can be inferred that the company has bottomed out $43,2000 per BTC.

    CEO Emiliano Grodzki said that with the recent drop in Bitcoin combined with mining hardware prices remaining high, Bitfarms must seize the opportunity to move more cash into BTC: “Our directional strategy at Bitfarms is to accumulate the most Bitcoins at the lowest cost and in the fastest time for the benefit of our shareholders. To that end, we continuously optimize our capital allocation”.

    Regarding previous direct Bitcoin investments, Bitfarms has always been in the top of the most profitable companies. While the billion dollar Bitcoin (BTC) investment of giants like MicroStrategy and Tesla were all x2 at a time when Bitcoin was on a strong growth momentum towards ATH $ 69,000, Bitfarms’ profits increased by 760%.

    Despite facing Bitcoin’s current severe decline, Bitfarms’ investment index has remained quite impressive, 4.7 times return (not counting the 1,000 BTC just bought).

    Bitcoin investments and holdings of many leading giants. Source: Bitcoin Treasuries

    Bitfarms announced last week that it had mined 3,452 bitcoins in all of 2021. Especially in August, 391 Bitcoins were mined from the company owning 99% clean energy. The above achievements mainly come from the suppression of China. Since the ban, Bitfarms immediately recorded 50% growth in Bitcoin mining productivity.

    Founded in 2017, Bitfarms is a publicly traded company in the United States and Canada. Shares of Bitfarms began trading on the TSX venture exchange (TSX-V) in July 2019 and Nasdaq in June 2021. The company has five industrial-scale Bitcoin mining facilities located in Québec and a facility in Washington state.

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