Welcome to our dedicated page for Bitfarms news (Ticker: BITF), a resource for investors and traders seeking the latest updates and insights on Bitfarms stock.
Bitfarms Ltd. (BITF) generates frequent news as a North American energy and digital infrastructure company focused on high-performance computing and Bitcoin mining. Company updates often highlight its strategy to pivot from an international Bitcoin miner toward a North American HPC/AI infrastructure platform, as well as developments in its power and data center portfolio in the United States and Canada.
News items commonly cover Bitfarms’ infrastructure projects, such as plans to convert its Washington State site from Bitcoin mining to HPC/AI workloads with advanced liquid cooling and designs compatible with specific GPU platforms. Releases also discuss expansion and reconfiguration of its North American energy portfolio, including transactions like the sale of its Paso Pe site in Paraguay, which Bitfarms describes as completing its exit from Latin America and rebalancing its energy assets to 100% North American.
Investors following BITF news will see coverage of financing activities, including convertible senior notes offerings, project-specific financing facilities, and at-the-market equity programs that the company links to funding its HPC/AI and energy infrastructure buildout. Corporate governance and leadership changes, such as executive appointments and board transitions tied to its U.S. pivot and planned redomiciliation to the United States, are also regular topics.
This news feed brings together Bitfarms’ earnings announcements, operational updates, infrastructure project milestones, capital markets transactions, and strategic communications. Readers can use it to monitor how Bitfarms is executing its North American energy and compute infrastructure strategy, managing its Bitcoin mining operations, and advancing its stated focus on U.S.-oriented growth and HPC/AI development.
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.
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.