Bitfarms Buys 1,000 Bitcoin

TORONTO, Ontario and BROSSARD, Québec, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, provides a Bitcoin (BTC) purchase and treasury update.

Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer, 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.”

Bitcoin Purchase Metrics

During the first week of January 2022, Bitfarms purchased 1,000 BTC for US$43.2 million. This increased the BTC holdings 30% to over 4,300 as of January 10, 2022.

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.

By  MATTHEW JOHNSTON