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Bitcoin’s price has declined since 2022 started plunging around 40 percent from its all-time high set in November last year. However, many are taking advantage of the crypto’s relatively cheaper price and have bought the dip such as crypto miner Bitfarm, which recently announced that it purchase a thousand BTCs in the first week of January.
“During the first week of January 2022, Bitfarms purchased 1,000 BTC for US$43.2 million,” the company said in a press release. “This increased the BTC holdings 30% to over 4,300 as of January 10, 2022.”
The Bitcoin mining firm added that its recent purchase is roughly the same amount of Bitcoin it added to its stash for each of the last two quarters in 2021. “For reference, 1,000 BTC is roughly equivalent to the amount Bitfarms added to the treasury in the third quarter of 2021 and again in the fourth quarter of 2021,” the company said.
The company explained that the recent purchase is part of its Bitcoin accumulation strategy. “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,” Bitfarms Founder and Chief Executive Officer Emiliano Grodzki said. “To that end, we continually optimize our capital allocation.”
With the current high prices of crypto mining equipment, the company deemed it more strategic to invest its cash surplus into the crypto. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC,” Grodzki added. “We continue to be committed to executing our operational growth strategy and delivering our goal of 8 exahash/second by the end of 2022.”
The company also announced its total production output for 2021. “We began 2021 with an ambitious multi-year growth plan, and in executing this plan we secured nearly 60,000 new generation miners, grew our operational capacity 53%, increased our hashrate 228%, expanded our footprint internationally, and mined 3,452 BTC,” the CEO said in an earlier press release.
The firm stood by its firm conviction for Bitcoin’s long-term potential by retaining all of the cryptos it mined for the period. “In addition, in 2021 we began to retain virtually all of our BTC production, which strengthened our balance sheet as our BTC holdings grew to over 3,300 BTC, US$151.8 million at current market prices, and enabled us to implement our recently announced $100 million BTC-backed loan facility,” Grodzki added.
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