Bitcoin Mining Company Bitfarms Purchases 1,000 Bitcoin

During the first week of January 2022, a Nasdaq-listed Bitcoin mining firm bought 1,000 Bitcoin. Thus, increasing the number of Bitcoins the company holds to 4,300 BTC tokens.

In a report released on Monday, the Canadian company announced its purchase of over $43.2 million worth of Bitcoins. This purchase resulted in a 30% increase in their possession of the token from its previous storage balance.

About Bitfarms

Bitfarms is one of the leading cryptocurrency mining companies in both the United States and Canada. In July 2019, the company’s shares were listed and started trading on TSX-V (TSX Venture Exchange), and in June 2021, it started trading on the Nasdaq Stock market.

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The crypto mining company recently ventured into the United States while acquiring a 24-MW crypto mining facility in Washington.

Bitfarm’s CEO comments On The Notion

The CEO of Bitfarms, Emiliano Grodzki-commented that its guiding strategy is to garner as much Bitcoin as possible while it’s currently selling at its least cost in the quickest time possible for its sake shareholders. He projected that the company would consistently enhance its capital allocation using this strategy.

Furthermore, Grodzki informed that Bitfarms would steadfastly perform its operational guiding strategy. Simultaneously, the company will deliver its 8EH/S (ExaHash/Second) goal by the end of the year.

Other Leading Firms Buying The Dip

Besides BitFarms, another leading investor, MicroStrategy, announced that it bought circa 1,914 BTC. This transaction surmounted over $94.2 million, or $48,229 per BTC token. The company had accrued some losses on the purchase, but crypto holders are not trading the coin for scalping or weekly basis. Thus, you shouldn’t MicroStrategy to encounter losses in the long run.

However, major Bitcoin investors who intend on holding the token for further years haven’t been able to back up BTC within the past weeks. This signifies a downtrend in the short term, and it also shows that there are more sellers in the coin’s market.

Currently, the pressure from investors on cryptocurrencies is notably significant, which results from the increasing Treasury yields. Investors and traders pull away from riskier digital assets in the upsurging rate environment, a bearish trend for Bitcoin and other altcoins.

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However, we’re yet to determine whether Bitcoin will receive sufficient support to sustain a value above the $40,000 zone, should Treasury yields continue to upsurge.

Bitcoin Loses Its 40K Throne

At the time of writing, Bitcoin has fallen below $40K. Any more downtrend below this Level may spur a massive sell-off, as it will signify that Bitcoin has settled below the $39,000 support level.

Featured image from Pixabay, chart from TradingView.com