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.
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.
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.