Bitfarms Stock Price, News & Analysis

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.

Bitfarms Ltd. (NASDAQ: BITF // TSX-V: BITF) has launched operations at its new mining facility, The Bunker, in Sherbrooke, Québec, achieving an initial production capacity of 300 petahash per second (PH/s). This milestone contributes to Bitfarms' goal of reaching 3 exahash per second (EH/s) by early Q2-2022. The company reported a 17% increase in total hashrate, now at 2.7 EH/s, and anticipates completing the facility's full 48 MW capacity, housing 13,000 miners, by the end of 2022.

Bitfarms has acquired land and a building in Sherbrooke, Québec, for C$2.25 million and 25,000 common share purchase warrants. The new facility, Garlock, will have an 18 MW power capacity, enhancing the company's total capacity in Sherbrooke to 96 MW. This move is part of a phased shutdown of the de la Pointe facility. The Garlock site will utilize cost-effective green hydro power at an average rate of US four cents per kilowatt hour and is expected to be operational by Q1 2023.

Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a leading Bitcoin self-mining company, announces key participation in upcoming investor conferences. President Geoffrey Morphy and CFO Jeff Lucas will attend:

• 34th Annual Roth Conference, March 13-15, 2022, with a panel on March 14.
• Canaccord Genuity Blockchain Infrastructure & Mining Summit, March 17, 2022.
• Ladenburg Thalmann Virtual Special Crypto Expo, March 24, 2022.

Presentations will also be available for webcast replay. Founded in 2017, Bitfarms operates globally with an emphasis on environmentally friendly mining.

Bitfarms Ltd. (NASDAQ: BITF), a Bitcoin self-mining company, released an operations update for February 2022, reporting 298 BTC mined, a 67% increase from the previous year. Mining capacity is at 2.3 EH/s, with a target of 3 EH/s by the end of Q1 2022. Two new farms in Sherbrooke, Québec, will add 78 MW of capacity, crucial for reaching 8 EH/s by year-end. February's production was affected by seasonal energy curtailments but less so than in January. The company expects improved conditions in March.

Bitfarms Ltd. (NASDAQ: BITF) has announced a $32 million equipment financing agreement to support its Bitcoin mining operations. This non-dilutive capital will allow the company to purchase 6,100 Bitmain S19j Pros miners while retaining flexibility in financing. The two-year loan carries an interest rate of 14.5% and is secured by the equipment purchased. This partnership with BlockFi Lending LLC aligns with Bitfarms' strategy to enhance its mining capabilities and manage working capital effectively.

Bitfarms, a Bitcoin self-mining company, announced the hiring of three executives for newly created positions to bolster its growth. Philippe Fortier joins as Vice President of Special Projects, bringing over a decade of corporate finance experience.

Andrea Keen Souza, appointed Vice President of Human Resources, has extensive international experience in talent development. Stephanie Wargo, as Vice President of Marketing, comes with 25 years of expertise in financial services marketing. These strategic hires aim to enhance acquisitions, human resources, and marketing, supporting Bitfarms' ongoing expansion in the Bitcoin mining sector.

Bitfarms Ltd. has commenced production at its new 10 MW farm in Paraguay, increasing its operational farms to seven with a total capacity of 116 MW. January 2022 saw Bitcoin production of 301 BTC, marking a 51% year-over-year increase. The company aims for 3 EH/s by Q1 2022 and 8 EH/s by year-end. With 288 MW contracted and three farms under development, Bitfarms continues to leverage renewable hydropower for operations, aiding local power stability through energy curtailment programs.