Thursday, March 28

Canadian company buys 43 million dollars in Bitcoin


A Bitfarms, a bitcoin mining company listed on the Canadian stock exchange, announced that it purchased 1,000 bitcoins during the first week of January, a purchase of $43 million.

“Our strategy is to accumulate the most bitcoins at the lowest cost and in the shortest time possible for the benefit of our shareholders”, disse Emiliano Grodzki, fundador e CEO da Bitfarms.

The company took advantage of the drop in prices of major cryptocurrencies, including Bitcoin, to make the purchase.

“To this end, we continually optimize our capital allocation. With Bitcoin falling while mining hardware prices remain high, we took the opportunity to transfer money to Bitcoin.” added.

Bitfarms

Founded in 2017, Bitfarms is a publicly traded company that was founded in 2017 and is headquartered in Toronto, Canada, and also operates in the US.

The company now holds more than 4,300 bitcoins, valued at around $178 million at current exchange rates. They mined 363 bitcoins in December 2021, bringing their 2021 total to 3,452 BTC.

Bitfarms shares began trading on the TSX Venture Exchange (TSX-V) in July 2019 and on the Nasdaq Stock Market in June 2021. The company’s CEO said that Bitfarms wants to be continuously committed to executing its operational growth strategy. and meet the target of 8 exahash/second by the end of 2022.

Companies buying bitcoin

The adoption of Bitcoin by large companies continues to draw attention around the world, as 10% of all bitcoins have already been purchased by these institutional investors.

In all, 1.5 million bitcoins are held by governments, Business or equity-traded products, accounting for nearly 10% of the entire digital currency supply.

This level is still very low and institutional adoption is expected to increase, which suggests that an increase in prices is expected, as companies tend to hold 80% of the total supply.

As bitcoin has a fixed supply of 21 million, the scarcity tends to get bigger, with an eventual new demand being able to be fulminating for a new price increase.





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