A Nasdaq-listed Bitcoin mining corporation purchased 1,000 Bitcoin during the first week of January 2022. As a result, the corporation now has 4,300 BTC tokens instead of 4,300 Bitcoins.
The Canadian corporation disclosed its purchase of approximately $43.2 million in Bitcoins in a report filed on Monday. This purchase increased their possession of the token by 30% over its prior storage balance.
About Bitfarms
Bitfarms is a bitcoin mining company that operates in both the United States and Canada. The company’s shares were listed and began trading on the TSX-V (TSX Venture Exchange) in July 2019 and on the Nasdaq Stock Market in June 2021.
The crypto mining firm has expanded into the United States, purchasing a 24-MW crypto mining plant in Washington.
The CEO of Bitfarm offers his thoughts on the concept
Emiliano Grodzki, the CEO of Bitfarms, stated that the company’s guiding philosophy is to acquire as much Bitcoin as possible while selling at the lowest feasible cost in the shortest amount of time for the benefit of its shareholders. He predicted that the company’s capital allocation would improve on a consistent basis as a result of this strategy.
Furthermore, Grodzki stated that Bitfarms would stick to its operational guiding concept. At the same time, the company will meet its 8EH/S (ExaHash/Second) target by the end of the year.
Other Leading Companies Buying The Dip
Aside from BitFarms, another major investor, MicroStrategy, announced the purchase of about 1,914 BTC. This transaction was worth more than $94.2 million, or $48,229 per BTC token. The corporation suffered some losses on the transaction, but crypto holders do not trade the coin weekly or scalping. As a result, you should avoid MicroStrategy if you don’t want to lose money in the long run.
However, significant Bitcoin investors who plan to hold the token for several years have been unable to back up BTC in recent weeks. This indicates a short-term slump, as well as the presence of more sellers in the coin’s market.
#Bitcoin mining energy efficiency is improving, rapidly pic.twitter.com/6fdrSTFCFD
— Bitfarms (@Bitfarms_io) January 18, 2022
Investors are currently exerting tremendous pressure on cryptocurrencies as a result of rising Treasury yields. In a climate of rising interest rates, investors and traders are moving away from riskier digital assets, indicating a pessimistic trend for Bitcoin and other altcoins.
However, it remains to be seen whether Bitcoin will have enough support to maintain a value over the $40,000 mark if Treasury yields continue to rise.
Bitcoin has gone below $40K at the time of writing. Any further decline below this level may precipitate a large sell-off, indicating that Bitcoin has fallen below the $39,000 support barrier.
