The cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. company bought 1,000 BTC at a discounted price and raised its cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. hoard to more than USD $150 million in bitcoins.
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The mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. company of bitcoins which is listed on the Nasdaq stock exchange, Bitfarms has taken advantage of the recent fall in prices in the cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. to acquire Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
Bitfarms based in Toronto, Canada, announced on Monday the acquisition of 1,000 bitcoins for a total price of USD $43.2 million. The most recent purchase took place during the first week of January 2022 and increased the holdings of Bitcoin of the company by 30%, as indicated in a press release.comunicado de prensa.
The well-known cryptocurrency company took advantage of the price correction a correction is a pullback of an asset’s price of at least 10% to adjust for over-valuation. seen on the market to acumular bitcoins al “ lowest cost and in the least amount of time ” said its CEO, Emiliano Grodzki. In order to benefit shareholders, the company continues to optimize its acquisition strategy of bitcoins he said, adding:
With the drop in BTC, while mining hardware prices remain high, we took the opportunity to move cash into BTC. We remain committed to executing our operational growth strategy and to our target of 8 exahash/second by the end of 2022.
Bitfarms buys Bitcoin at a discounted price
The latest cryptocurrency acquisition of Bitfarms comes in the midst of a pronounced bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market.
The price of the flagship cryptocurrency has been falling progressively since its November all-time high near USD $70,000. By the time of editing, BTC is seeing difficulty a measure of how hard it is to validate a new block on a blockchain. holding above USD $40,000, a level of resistance a certain price limit that the crypto in question will rarely, if ever, exceed. not seen since July last year. The widespread plunge has also seen other major cryptocurrencies subtract significant gains.
On the other hand, the purchase of Bitfarms also comes in the midst of an upward trend for the rate of hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. of the network a network refers to all nodes in the operation of a blockchain at any given moment in time. Bitcoin . As reported by DiarioBitcoin , el hashrate of the main network Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. reached new all-time highs over 200 exahashes per second (EH/s) earlier this year. The rise represents a significant recovery for the network after last year’s more than 50% plunge caused by the crackdown on miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. in China.
Bitfarms , which has been listed on the Toronto Stock Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. since 2019, has been acquiring Bitcoin as part of its treasury strategy. The company added about 2,000 BTC between Q3 and Q4 2021. Currently, after the latest purchase, Bitfarms maintains more than 4.300 bitcoins on its balance sheet according to the statement.
The mining company had reported last week a production of 3,452 bitcoins during 2021. The total holdings of Bitfarms grew to more than 3,300 bitcoins at the end of last year 135.8 million at current prices.
It is not the only company that has taken advantage of the price decline to acquire cryptocurrency. MicroStrategy the business intelligence software company and the largest institutional whale a term used to describe investors who have uncommonly large amounts of crypto, especially those with enough funds to manipulate the market. in the world. Bitcoin , also raised its balance sheet of the flagship cryptocurrency worth nearly $95 million at the end of December.
- New York Mayor Eric Adams is excited to receive his salary in Bitcoin despite the downturn
- Taking advantage of the fall: MicroStrategy acquired 1,434 more bitcoins at the start of the month
- New information about the Bitfarms mega mining farm, which will be the largest in Argentina
Sources: GlobalNewsWire , CoinDesk , archive
Article by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash edited in Canva
