Bitfarms Stock Price, News & Analysis

Bitfarms Ltd. has appointed Edie Hofmeister as an independent director, increasing its board to six members. With over 20 years of experience in legal and ESG matters for multinational companies, Hofmeister previously served as Executive VP and General Counsel for Tahoe Resources. Her expertise focuses on governance and sustainability, vital as Bitfarms expands its Bitcoin self-mining operations globally. This strategic addition is expected to enhance the company's leadership as it navigates evolving industry challenges and growth opportunities.

Bitfarms Ltd. (NASDAQ: BITF) reported its Q3 2022 financial results, highlighting the mining of 1,515 BTC at a lower direct cost of $9,400 per BTC, down 5% from Q2. The company achieved positive cash flow, generating $10 million in Adjusted EBITDA. However, total revenue fell to $33 million, compared to $42 million in Q2, due to lower average BTC prices. The corporate hashrate increased 17% to 4.2 EH/s but was downgraded to a projected 5.0 EH/s for Q4 due to external factors. Bitfarms continues to strengthen its balance sheet, having paid off $94 million in debt since June.

Bitfarms (NASDAQ/TSX: BITF) confirms that its power agreements with Hydro-Québec remain intact, ensuring no disruption to current and future Bitcoin production. This statement follows a November 3, 2022 article that incorrectly claimed Hydro-Québec planned to cut electricity to mining operations. Bitfarms has invested over CAD$350 million in Québec and employs over 100 people, indicating ongoing expansion efforts in the region. The company emphasizes its commitment to renewable energy and operational efficiency through its vertically integrated mining operations.

Bitfarms Ltd. (NASDAQ: BITF) reported significant operations updates for October 2022, mining 486 BTC, marking a 42% increase from the same month last year. The company is on track to exceed 5,000 BTC for the year, having mined a total of 4,219 BTC in the first ten months. The operating hashrate remained steady at 4.2 EH/s, with production impacted by a 17% increase in network difficulty. Additionally, corporate guidance for year-end has been adjusted down to 5.0 EH/s primarily due to challenges in importing miners from Argentina.

Bitfarms Ltd. (NASDAQ: BITF) will report its fiscal Q3 2022 financial results on November 14, 2022, before market open. A conference call is scheduled for the same day at 11:00 a.m. ET to discuss these results, featuring a Q&A session. Stakeholders can submit questions until November 11. Bitfarms operates 10 mining facilities across Canada, the United States, Paraguay, and Argentina, focusing on renewable energy sources. A replay of the call will be available for a year, with additional access details provided in the PR.

Bitfarms Ltd. (NASDAQ: BITF) reported a significant increase in Bitcoin production, mining 3,733 BTC in the first nine months of 2022, surpassing full-year 2021 output of 3,452 BTC. As of September 30, the company achieved a target hashrate of 4.2 EH/s, up 180% year-over-year. New production facilities are underway in Argentina, with 1,751 miners installed at the initial site. Despite mining 481 BTC in September, production was impacted by a 13% increase in network difficulty. The company sold 544 BTC in September, generating $10.66 million in revenue, while holding 2,065 BTC valued at approximately $40 million.

Bitfarms Ltd. (NASDAQ/TSX: BITF) has surpassed the 4 EH/s milestone in Bitcoin mining with the launch of its first 50-megawatt (MW) warehouse in Argentina, marking its 10th mining facility globally. The new site contributes an additional 10 MW to the company's total capacity of 176 MW. Plans are in place to activate more capacity in Q4 2022, aiming for full operation by year-end. Competitive power costs are anticipated, benefiting overall operational expenses. This expansion aims to bolster Bitfarms' portfolio stability and geographical diversification in the cryptocurrency mining sector.

Bitfarms Ltd. (NASDAQ: BITF), a global Bitcoin self-mining company, will participate in two major investor conferences. The Needham 2nd Annual Crypto Conference is set for September 8, 2022, with a virtual presentation at 3:00 pm ET. Additionally, the H.C. Wainwright & Co. 24th Annual Global Investment Conference will take place from September 12-14, 2022, in New York City, featuring a presentation on September 13 at 9:30 am ET, and a panel discussion on crypto mining on September 14 at 2:00 pm ET.