Canadian miner Bitfarms has already purchased 1,000 bitcoins by 2022, bringing its total cryptocurrency holdings to more than $177 million.
In an announcement on Monday, Bitfarms said it bought 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, roughly the same amount the company added to its treasury in the third and fourth quarters of 2021, according to the miner. It currently has over 4,300 BTC as of January 10, which is roughly $177 million at $41,183.
“Our core strategy at Bitfarms is to accumulate as much bitcoin as possible at the lowest possible cost and in the shortest possible time for the benefit of our shareholders,” said Bitfarms founder and CEO Emiliano Grodsky. “With BTC dropping, while mining equipment prices remain high, we have taken the opportunity to transfer funds to BTC.”
In November, the miner announced plans to build its first data center in the United States after purchasing a plot of land in Washington state. The company’s website states that Bitfarms has a total mining capacity of 106 megawatts at the time of publication and produces 2.2 exhashes per second. According to Grodzka, the goal is to increase this indicator by more than 260% by the end of the year to 8 pounds / sec.
Related: Bitfarms Estimates Argentine Objects To Cut Bitcoin Mining Costs By 45%
While much in the media continues to cite the potential environmental impact of crypto mining, Bitfarms claims that its Canadian plant is powered almost exclusively by hydropower. The company currently has 10 operating or developing mining farms in countries such as the United States, Argentina, and Canada.
According to Cointelegraph Markets Pro, the price of BTC fell below $40,000 early Monday for the first time since September before returning to over $41,000.