Bitfarms Stock Price, News & Analysis

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.

Bitfarms Ltd. provides a Bitcoin production update highlighting a significant increase in its BTC holdings and hashrate. In October 2021, the company mined 343 BTC, raising total BTC holdings to over 2,640 BTC. The hashrate reached a record 1.8 EH/s, with expectations to exceed 2 EH/s in November. In the first ten months of 2021, 2,750 BTC were mined, averaging over 11 BTC daily, valued at approximately US$160 million. Bitfarms is expanding its infrastructure with new facilities in Paraguay and Argentina.

Bitfarms Ltd. (NASDAQ: BITF) will announce its fiscal Q3 2021 financial results on November 15, 2021, post-market. A conference call is scheduled for the same day at 5:30 p.m. ET, allowing for an interactive Q&A session where pre-submitted questions will be addressed. Participants can register via a provided link, and those unable to pre-register may dial in directly. A replay of the call will be accessible after its conclusion through January 15, 2021, along with a presentation of the financial results available in the 'Investors' section of the company’s website.

Bitfarms Ltd., a global Bitcoin mining firm, is expanding its operations with two new facilities in Sherbrooke, Québec, set for completion in phases during 2022. These facilities will add 78 MW of capacity, accommodating 21,000 new Bitcoin miners and generating about 2.1 EH/s. Utilizing cost-effective hydro power at only US$0.04 per kWh, the expansion aims to enhance Bitfarms’ overall mining capacity to 3 EH/s by Q1 2022 and 8 EH/s by end of 2022. The project reflects Bitfarms' commitment to sustainable and decentralized mining operations.