Bitfarms Stock Price, News & Analysis

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.

Menē Inc. (TSX-V:MENE) announced the resignation of independent director Tommaso Chiabra, effective immediately, and welcomed Andres Finkielsztain as his replacement. Finkielsztain brings extensive experience in capital markets and governance, and he is expected to enhance Menē's strategic position, particularly in Latin America. Additionally, he was granted stock options for 500,000 shares at CAD$0.60, valid for five years. The transition aims to bolster Menē's board with fresh insights to navigate the jewelry market.

Bitfarms Ltd. announces a significant update regarding its Bitcoin holdings, revealing it currently possesses over 4,300 Bitcoins in treasury, as of January 10, 2022. The company purchased 1,000 BTC for US$43.2 million during the first week of January, boosting its holdings by 30%. CEO Emiliano Grodzki emphasized the firm's strategy to acquire Bitcoin at low costs to benefit shareholders while aiming for 8 exahash/second operational capacity by the end of 2022. Bitfarms is committed to optimizing capital allocation amidst fluctuating Bitcoin prices.

Bitfarms will present at the 24th Annual Needham Growth Conference on January 14, 2022, at 10:45 AM ET. The presentation will be led by President Geoffrey Morphy and CFO Jeff Lucas. It will be available via a live webcast and for replay afterwards. Founded in 2017, Bitfarms is a leading global Bitcoin self-mining company with operations powered primarily by environmentally friendly hydro power. The company trades on NASDAQ under the symbol BITF and the TSX-V as BITF.

Bitfarms Ltd. reported a December Bitcoin production of 363 BTC, marking an 82% increase from January's 199 BTC. Total BTC mined in 2021 reached 3,452 BTC. The company's hashrate increased 228%, with a capacity expansion of 54% to 106 MW. Bitfarms retained most of its BTC, increasing its holdings to over 3,300 BTC valued at US$151.8 million. 2022 plans include doubling operational farms and targeting 8 EH/s by year-end. The press release emphasizes a strong operational foundation amid the evolving Bitcoin market.

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.