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Canadian bitcoin mining company Bitfarms announced on Monday that it has invested $43.2 million in bitcoin as the cryptocurrency fell nearly 12% during the first week of the year, despite warnings from some experts of its volatility, the latest on the nascent crypto market. became a publicly traded company. Incredible investment.

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In a Monday statement, Toronto-based Bitfarms said It bought 1,000 bitcoins during the first week of January, increasing its holdings to more than 4,300 coins worth about $175 million; For comparison, Bitfarms generated approximately $121 million in revenue during the 12 months ending in September.

“With the decline in bitcoin, we seized the opportunity to move cash into BTC,” Bitfarms founder and CEO Emiliano Grodzki said in the release, while adding the company’s “guiding strategy” is to make the most for the lowest cost. To deposit bitcoins. fastest amount of time.

Bitfarms’ Nasdaq-listed shares fell nearly 4% in pre-market trading following the announcement, tracking the broader cryptocurrency market’s loss of nearly 3% over the past 24 hours.

The Bitfarms investment comes less than a week after MicroStrategy, the data analytics firm run by billionaire bitcoin bull Michael Saylor, revealed that it bought nearly 2,000 bitcoins in early December for $94 million, as prices similarly took a staggering $94 million. Struggling to make up for the loss after giving record runs. in November.

Bitfarms says it has bought nearly 70% of its total bitcoin holdings since the third quarter of last year, a massive investment that helped the stock climb as much as 125% — pushing the stock up from 50% since bitcoin’s fall in November. Helped to push more down.

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