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 // 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.
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.