Bitfarms Stock Price, News & Analysis

Bitfarms Ltd. (NASDAQ: BITF) reported strong Q1 2022 results, mining 961 Bitcoin at an average cost of $8,700 each, resulting in revenues of $40 million, a 42% increase from Q1 2021. Adjusted EBITDA rose to $32 million, up from $20 million year-on-year. Despite a declining Bitcoin market, net income improved to $5 million compared to a loss of $8 million in Q1 2021. The company expanded its global operations with new facilities, achieving a hashrate of 2.7 EH/s, expected to reach 4.0 EH/s by June 30, 2022.

Bitfarms Ltd. (NASDAQ: BITF) reported strong Bitcoin production metrics for April 2022, mining 405 BTC, averaging 13.5 BTC daily, a 15% increase from March. The company’s hashrate surged to 3.3 EH/s, up 22% from the previous month, facilitated by new miner installations at its Leger farm. With a total custody of 5,646 BTC valued at approximately $217 million, Bitfarms is on track to enhance its operational capacity further with upcoming expansions planned for May and June. This momentum could positively influence future financial performance.

Bitfarms Ltd. (NASDAQ: BITF) will report its fiscal Q1 2022 financial results on May 16, 2022, prior to market opening. Management will host a conference call at 11:00 a.m. ET, featuring a Q&A session post-presentation. Interested parties can submit questions until May 13, 2022. Bitfarms operates globally with a focus on self-mining Bitcoin and has recently been honored as a Venture 50 Winner in the Technology sector by TSX-V. The company aims to enhance operational performance with eco-friendly hydro power across its facilities.

Bitfarms Ltd. (NASDAQ: BITF / TSXV: BITF) has received final approval for its common shares to be listed on the Toronto Stock Exchange (TSX), effective April 8, 2022. This transition from the TSX Venture Exchange will enhance the company's visibility, liquidity, and access to capital. No action is required from shareholders for this change, and trading will continue under the symbol BITF. The listing aims to broaden Bitfarms' investor base as it executes its global expansion strategy.

Bitfarms Ltd. (NASDAQ: BITF), a leading Bitcoin self-mining company, has successfully launched production at its Leger facility in Sherbrooke, Quebec, boosting its operational hashrate to 3 EH/s. This expansion includes an initial deployment of 16 MW from a total planned capacity of 30 MW. With the addition of Leger, Bitfarms now operates 137 MW across nine production sites. The company currently mines approximately 13.3 BTC daily, valued at about US$605,000. Further expansion is planned at Leger and The Bunker for mid-2022, aiming to enhance capacity and hashrate.

Bitfarms Ltd. (NASDAQ: BITF) announced its participation in two key conferences in April 2022: the Bitcoin 2022 Conference in Miami Beach (April 6-9) and the Cowen Bitcoin Mining Summit (April 12-13). At Bitcoin 2022, Bitfarms' Chief Mining Officer, Ben Gagnon, will participate in two panels on April 7 and 8. The Cowen Summit will feature a panel on April 13 focused on self-mining strategies. Bitfarms is a prominent Bitcoin self-mining company with multiple facilities powered predominantly by hydroelectricity.

Bitfarms Ltd. (NASDAQ: BITF) reported a significant increase in hashrate by 400 petahash to 2.7 EH/s in March 2022. This growth was driven by the activation of a new facility in Sherbrooke, which is part of a broader goal to reach 3 EH/s soon. The company also saw a daily BTC production rise of 18%, averaging 12.5 BTC, translating to about US$575,000 in daily revenue. Additionally, Bitfarms secured a US$40 million draw from its BTC-backed credit facility to support its expansion plans.

Bitfarms Ltd. (BITF) reported significant growth in its Q4 2021 financial results, with net income rising to $10 million, a turnaround from a net loss of $5 million in Q4 2020. The company mined 1,045 Bitcoin at an average cost of $8,000 per Bitcoin. Total revenue for Q4 2021 reached $60 million, a 426% increase year-over-year. For the full year, Bitfarms mined 3,453 BTC and achieved a net income of $22 million, compared to a loss in 2020. Additionally, the company strengthened its management and continues to expand its operations globally.

Bitfarms Ltd. (NASDAQ: BITF) will report its fiscal Q4 and full year 2021 financial results on March 28, 2022, before market opens. A conference call will follow at 11:00 a.m. ET for management to review results and answer questions. Interested parties can submit questions by March 25, 2022. Bitfarms, established in 2017, operates multiple Bitcoin mining facilities powered primarily by hydro power and is the only publicly traded Bitcoin mining company audited by a Big Four accounting firm.