Bitfarms Adds 1,000 BTC to its Treasury

Global Bitcoin (BTC) self-mining company, Bitfarms Ltd. announced through a press release on 10 January 2022, that it currently holds over 4,300 Bitcoins (BTC).

The Canadian Bitcoin mining company seems to have taken the proverb “when life gives you lemons, you make lemonade” very literally by making the best out of the ‘subsiding value of Bitcoin’ situation.

The firm, during the first week of January 2022, purchased 1,000 BTC at US$43.2 million. This acquisition of the asset has supposedly increased the BTC holdings of the firm by 30% to over 4,300. Emiliano Grodski, founder and Chief Executive Officer of Bitfarms, said,

“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.”

Bitfarms, the first OSC prospectus approved miners

Although being founded in 2017, the Bitcoin mining firm, started trading on the TSX Venture Exchange (TSX-V) only in July 2019 after becoming the first Bitcoin mining company to have completed its long-form procedures with the Ontario Securities Commission (OSC).

The company claims to have a diversified production platform with five industrial-scale facilities located in Quebec and one in the state of Washington. Seemingly, each facility is 99% powered with environmentally-friendly hydropower and secured with long-term power contracts.

In other news, this announcement has been made in less than a fortnight after Bitfarms secures a $100 million credit from the Goldman Sachs of crypto, Galaxy Digital LLC, an affiliate of Galaxy Digital Holdings Ltd., a provider of blockchain and cryptocurrency financial services for institutions.

According to the company’s statement at the time, on 31 December 2021, it had made an initial $60 million draw with a six-month term at an interest rate of 10.75% per annum. At the time of writing, Bitcoin (BTC) was priced at $41,832.38 with a bullish market at 2.23% in the last 24 hours.