Značka: buy the dip

Bitfarms purchased more than $43M in Bitcoin to start the new year

Canadian crypto mining firm Bitfarms has already bought 1,000 Bitcoin in 2022, making its total holdings of the crypto asset more than $177 million.In a Monday announcement, Bitfarms said it purchased 1,000 Bitcoin (BTC) for $43.2 million in the first week of January, roughly the same amount the company added to its treasury in both the third and fourth quarters of 2021. According to the mining firm, it currently holds more than 4,300 BTC as of Jan. 10, roughly $177 million at a price of $41,183.“Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said Bitfarms founder and CEO Emiliano Grodzki. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.” Increased our #Bitcoin holdings 30%More Info: https://t.co/xCcIUHkWsU$BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK— Bitfarms (@Bitfarms_io) January 10, 2022In November, the mining firm announced its intention to build its first data center in the United States following the purchase of a land plot in Washington State. The company’s websites states Bitfarms has a total mining capacity of 106 MW at the time of publication producing 2.2 exahashes per second. According to Grodzki, it aims to raise this rate by more than 260% by the end of the year, to 8 EH/s.Related: Bitfarms estimates Argentine facility will reduce BTC mining costs by 45%While many in the media still cite the potential environmental impact of crypto mining, Bitfarms claims its facilities in Canada are powered almost entirely by hydroelectric energy. The firm currently has 10 mining farms in operation or under development in countries including the United States, Argentina and Canada.According to data from Cointelegraph Markets Pro, the price of BTC fell under $40,000 earlier today for the first time since September before returning to more than $41,000.

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NYC mayor getting paid in Bitcoin suggests buying the dip

Newly sworn-in New York City Mayor Eric Adams is already using his influence to speak publicly about buying the recent Bitcoin dip.In a Thursday interview with CNBC’s Squawk Box, Adams said he had not yet received his first paycheck as the mayor of New York City, but reiterated his aim to make the city a Bitcoin (BTC) and crypto hub. When co-anchor Andrew Ross Sorkin pointed out that the price of the crypto asset has “come down” — dipping as low as $43,000 early Thursday — the NYC mayor seemed to be undeterred. “Sometimes the best time to buy is when things go down, so when they go back up, you made a good profit,” said Adams. “We need to use the technology of blockchain, Bitcoin, of all other forms of technology. I want New York City to be the center of that technology.””Sometimes the best time to buy is when things go down,” says @NYCMayor on #bitcoin. “I’m going to take my first three paychecks in #bitcoin. I haven’t received my first check yet.” pic.twitter.com/dqGkVYxOKg— Squawk Box (@SquawkCNBC) January 6, 2022Adams, who has been in office five full days following a November election win, is replacing Bill de Blasio as the mayor of New York City. During his campaign, Adams pledged to make New York City a tech hub that will be ”the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins,” beating out crypto-friendly businessman Andrew Yang to become the Democratic party nominee.As part of his efforts to promote crypto and blockchain technology — or perhaps inspired by a friendly feud with Miami Mayor Francis Suarez — Adams announced following the election that he planned to take his first three paychecks in BTC. Assuming the NYC mayor accepts a base salary of $258,750, his monthly paychecks would be roughly $21,562 each, a total of 1.51 BTC at a price of $42,948.Related: Miami mayor plans to accept next paycheck entirely in BitcoinNew York state is often the center of media attention related to regulation and enforcement for crypto firms in the United States. The New York Attorney General’s office was responsible for the settlement of the case against Bitfinex and Tether, which in February agreed to pay $18.5 million in damages, and ordered Coinseed to close its doors after the firm allegedly defrauded investors out of more than $1 million.

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