Technical Analysis: Bitcoin Hits $40,000, as LEO Leads Friday Rally

February 4, 2022 Bitcoin.com

Microstrategy Buys 660 More Bitcoins —Total Holdings Rise to 125,051 BTC

February 1, 2022 Bitcoin.com

Bitfarms Buys the Dip: 1,000 Bitcoin Added to Treasury as BTC Falls While Mining Hardware Prices Remain High

January 10, 2022 Bitcoin.com

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

January 10, 2022 Coin Telegraph

Bitcoin

“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 founder and CEO Emiliano Grodzki.

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, 2022

In 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.

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.

Veteran Trader Peter Brandt Shares ‘Sacred Trading Rule’ as Bitcoin Falls, Warns Against Buying the Dip

January 9, 2022 Bitcoin.com

NYC Mayor Undeterred by Falling Bitcoin Price, Says Buying the Dip Could Yield ‘Good Profit’

January 7, 2022 Bitcoin.com

NYC mayor getting paid in Bitcoin suggests buying the dip

January 6, 2022 Coin Telegraph

Bitcoin

Should Eric Adams accept his first three paychecks in Bitcoin, he would likely acquire more than 1 BTC following the price drop to $42,948.

Newly sworn-in New York City Mayor Eric Adams is already using his influence to publicly speak 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 earlier today — 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, 2022

Adams, 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, he 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.

New 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 a settlement case from Bitfinex and Tether, which in February agreed to pay $18.5 million in damages, as well as ordering Coinseed to close its doors after the firm allegedly defrauded investors out of more than $1 million.

buy the dip