Canadian BTC Miner Bitfarms Added $43.2 Million Worth Of BTC

The Canadian BTC miner Bitfarms added another $43.2 million worth of Bitcoin to its position during the dip in the first week of 2022 as we can see more today in our latest Bitcoin news.

The price of Bitcoin was declining dramatically lately and some decided to take this chance and add some coins to their portfolio. The Canadian BTC miner Bitfarms became the latest to do so. According to the official press release, the Toronto-based Bitfarms is a BTC self-mining company that purchased a total of $1000 BTC at an average price of $43,200. The latest purchase took place during the first week of the new year. The company increased its holdings by 30% and now has over 4300 as of today. It is worth noting that the 1000 BTC that the company bought is the same amount that is added to the treasury during the third quarter of 2021 and later in the fourth quarter of 2021. The CEO and Founder Emiliano Grodzki noted:

“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.”

As we recently reported, Microstrategy, the well-known company led by prominent BTC maximalist Michael Saylor, announced today that his company Microstrategy bought an additional $94 million worth of BTC. The company made a name for itself in the past few years when it came to acquiring BTC. Today, Saylor announced that the company purchased another 1,914 BTC for $94.2 million in cash. The average price of the purchase was around $49,229 per coin. At the time of writing, the company owns 124,391 BTC which is worth nearly $3,75 billion.

As recently reported, Microstrategy could lend their BTC of the company and generate more yields according to the latest reports from Michael Saylors’ company. On a corporate, this decision makes a lot of sense but what kind of implications will this decision have?
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The lending should surprise no one because Saylor dropped many hints that he intends to do it for a while and all of this information came from the company’s investor day call with the shareholders a few days ago.