The Nasdaq- and Toronto Stock Exchange-listed Bitfarms, in the first week of 2022, bought onto the company’s balance sheet 1,000 BTC worth $43.2 million.
Its reserves rose by 30% — to more than 4,300 BTC.
Approximately 1,000 BTC was also added to the balance in the third quarter and the fourth quarter of 2021.
“While prices for mining equipment remain high, we seized the opportunity to convert cash into the primary cryptocurrency. Our strategy is to accumulate bitcoin at the lowest cost and in the shortest time,” explained Bitfarms CEO Emiliano Grodsky.
The chief executive reiterated the aim to push the hashrate to 3 EH/s by March 31, 2022, and to 8 EH/s by December 31, 2022.
In October, Bitfarms started construction of a data center in Argentina housing 55,000 miners. Later it announced the acquisition of a $26 million 24 MW data center in Washington state, USA.
In June, Galaxy Digital provided a £14 million (~$19.4 million) loan to the British mining company Argo Blockchain, secured by bitcoin.
In December, Galaxy Digital opened a $100 million BTC-secured credit line for the firm.
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