Bitfarms Stock Price, News & Analysis

Bitfarms Ltd. has secured a $100 million BTC-backed credit facility from Galaxy Digital LLC, enhancing its financing flexibility. This facility will support growth initiatives, including the construction of four mining farms with a capacity of 298 Megawatts. The initial draw of $60 million carries a 10.75% interest rate. Bitfarms aims to achieve hash rates of 3 Exahash by March 31, 2022, and 8 Exahash by December 31, 2022, leveraging its existing 3,300 BTC in treasury. The strategy focuses on minimizing capital costs and maximizing growth potential.

Bitfarms Ltd. has appointed Geoff Morphy as Chief Operating Officer while he continues as President. This decision acknowledges his significant contributions since 2020, including team leadership and operational mandates. The company also granted stock options for 2,750,000 common shares at CAD$8.13 each, expiring in five years, to its officers, directors, employees, and consultants. Bitfarms operates as a global Bitcoin self-mining company, focused on operational excellence and sustainability through hydroelectric power.

Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF) reported a significant production update for November 2021, achieving a hashrate increase of 16% to 2.1 Exahash per second. The company mined 3,089 BTC in the first 11 months of 2021, with nearly 3,000 BTC valued at approximately $175 million. November production included 339 BTC, and the average daily production reached 11+ BTC, equating to about US$649,000 daily. Bitfarms is on track to grow its hashrate to 3 EH/s in Q1 2022 and 8 EH/s by year-end 2022.

Bitfarms Ltd., a prominent Bitcoin self-mining company, will present at the B. Riley Securities Crypto Conference on December 8, 2021, at the Kimpton Hotel Eventi. President Geoffrey Morphy and CFO Jeff Lucas will be present for a fireside chat and one-on-one meetings. Additionally, management will hold investor meetings in New York City on December 7, 2021. A replay of the conference will be available on Bitfarms' investor relations page after the event. Bitfarms operates five facilities in Quebec, utilizing over 99% environmentally friendly hydropower.

Bitfarms Ltd. appoints Patricia Osorio as Vice President of Corporate, enhancing its executive team. She will report directly to President Geoff Morphy and support global business development and corporate governance. Osorio brings 18 years of experience, including her previous role as Corporate Secretary at Dundee Sustainable Technologies. Additionally, the company announced the granting of stock options for 120,000 common shares, exercisable at CAD$9.81 for five years. This decision aligns with Bitfarms’ strategy to expand its operational footprint across multiple regions.

Bitfarms reported impressive Q3 2021 results, with revenues soaring to $44.8 million, a 559% increase from Q3 2020. The company achieved a record net income of $23.7 million, contrasting a net loss of $4.8 million in the same quarter last year. Bitcoin production rose to 1,051 BTC, up 38% from the previous quarter, while production costs decreased to $6,900/BTC. With a total liquidity of $144.5 million and strategic growth plans, Bitfarms is positioned for continued expansion.

Bitfarms Ltd. has successfully received and installed 1,500 Bitmain S19j Pro miners, raising its total hashrate to over 2 Exahash per second (EH/s), a significant milestone achieved in just eight months. This increase underscores the company's rapid growth in Bitcoin mining, particularly as the Bitcoin network has grown only 12% during that time. Bitfarms anticipates further acceleration in hashrate expansion in 2022, aiming to boost Bitcoin production while maintaining a strong position in the global market. Future deliveries include an additional 2,701 miners.

Bitfarms Ltd. has acquired a 24 Megawatt (MW) hydro power farm in Washington state for US$26 million, enhancing its mining capacity to 106 MW. This facility will house 6,200 Bitmain S19j Pro miners, yielding nearly 3.7 bitcoin daily at a cost of approximately US$4,000 per bitcoin. The power costs are expected to be 25% lower than its existing operations in Québec. Additionally, Bitfarms has signed a Memorandum of Understanding to co-develop more farms, potentially expanding capacity to 99 MW in Washington.

Bitfarms Ltd. has announced a virtual presentation at the Ladenburg Thalmann Virtual Technology Expo on November 18, 2021, at 11:30 AM ET. CFO Jeff Lucas and President Geoffrey Morphy will lead the session. The expo will showcase around 50 tech companies, focusing on areas like blockchain and bitcoin mining. As a global leader in Bitcoin self-mining, Bitfarms operates eco-friendly facilities powered largely by hydroelectric energy. The company is also notable for being publicly traded and audited by a Big Four accounting firm.