January 11, 2022

Secretly ‘Whales’ Plan, Bitfarm Adds $ 43.2 Million in BTC Value!

 The price of Bitcoin has recorded a steady decline in price lately until the Bitcoin fear and greed index is one of the most frequently used indications among the crypto community to measure public sentiment towards Bitcoin has turned into “extreme fear”.

This is the first time this month, this indication shows a level of fear up to the level of 10 after a few weeks ago the BTC price started to give hope by rebounding above $ 50,000.

However, a handful of market players see this as an opportunity to add crypto holdings. This is what happened to Toronto -based BTC miner, Bitfarms.

Based on an official press release shared on Monday, Jan. 10, Toronto -based Bitfarms - a Bitcoin -owned mining company - has bought a total of $ 1,000 BTC at an average price of $ 43,200.

The $ 43.2 million purchase took place during the first week of the new year. With this, the company has increased its stake by 30% and now has over 4,300 to date.

It should be noted that the 1,000 BTC the company buys now is about the same amount that was added to its treasury in the third quarter of 2021 and then in the fourth quarter of 2021.

Commenting on the matter, Emiliano Grodzki, CEO and Founder of Bitfarm, said:

It is part of the company’s strategy where Bitfarms will collect more Bitcoin at the lowest cost and in the shortest amount of time for the benefit of our shareholders.

Further he, for that, we always optimize our capital allocation. With the decline in BTC prices while the price of mining hardware remained high, we seized the opportunity to transfer cash into BTC. We remain committed to implementing our operational growth strategy and achieving our goal of 8 exahash/second by the end of 2022.

At the moment the price of Bitcoin is trading at the price level of $ 40,122.15 per unit.