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 (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, has announced its participation in Needham's 27th Annual Growth Conference in New York City from January 14-15th, 2025. The company's leadership team, including CEO Ben Gagnon, CFO Jeff Lucas, and SVP IR & Corp. Comms. Tracy Krumme, will be conducting investor meetings during the event.
A company presentation is scheduled for Wednesday, January 15th, from 8:45-9:25am Eastern, featuring CEO Ben Gagnon and CFO Jeff Lucas. The presentation will be available via webcast, with a replay accessible on Bitfarms' investor site. Interested parties can arrange 1x1 meetings through their Needham sales representative or by contacting investors@bitfarms.com.
Bitfarms (NASDAQ/TSX: BITF) released its December 2024 production report, highlighting significant year-over-year operational improvements. The company increased its hashrate by 97% to 12.8 EH/s and improved efficiency by 40% to 21 w/TH. For the full year 2024, Bitfarms earned 2,914 BTC and expanded operational capacity by 35% to 324MW.
The company's December performance included 211 BTC mined, up 2% from November but down 53% year-over-year. Bitfarms maintained strong liquidity of $147 million, including $60 million in cash at year-end. The company's Synthetic HODL program, launched in October 2023, generated approximately $18 million in trading profits with a 135% return.
The anticipated acquisition of Stronghold Digital Mining is expected to close in Q1 2025, representing the largest acquisition between two public Bitcoin mining companies. This acquisition will expand Bitfarms' presence in the PJM region with a target multi-year expansion capacity of up to 1.6 GW.
Bitfarms (NASDAQ/TSX: BITF) has filed a second amended and restated prospectus supplement dated December 17, 2024, updating its existing US$375 million at-the-market (ATM) equity offering program. The update incorporates pro forma financial statements regarding the proposed merger with Stronghold Digital Mining and Stronghold's financial statements for Q3 2024.
To date, the company has distributed 128,888,346 Common Shares, raising approximately US$288 million through the ATM program, with US$87 million remaining available. Sales are conducted through H.C. Wainwright & Co. on the Nasdaq Stock Market at prevailing market prices. The net proceeds will primarily fund capital expenditures for existing mining operations, working capital, and general corporate purposes.
Bitfarms (NASDAQ/TSX: BITF) announced a restatement of its financial statements for fiscal years 2022-2023 and related periods due to a material error in classifying digital asset sale proceeds. The restatement involves reclassifying these proceeds from operating activities to investing activities in cash flow statements. Additionally, the company is correcting an accounting error related to warrant redemption in 2023.
The changes do not affect the company's overall cash position or net cash flows. The restatement impacts financial statements for 2022, 2023, and the first three quarters of 2024. Management acknowledged a material weakness in internal control over financial reporting and is implementing remediation measures.
Bitfarms (NASDAQ/TSX: BITF) achieved a 12.8 EH/s operating hashrate in November 2024, marking a 100% year-over-year increase. The company mined 204 BTC during the month, down from 236 BTC in October. Under new hosting agreements, nearly 75% of Bitfarms' hashrate is expected to come from North American data centers by H1 2025. The company upgraded approximately 19,000 T21 miners to S21 Pro miners, targeting a 10% efficiency improvement. Treasury management included selling 171 BTC for $14.6M and transferring 351 BTC to Bitmain for miner upgrades, ending November with 870 BTC in treasury valued at $84.4M.
Bitfarms (NASDAQ/TSX: BITF) held a Special Meeting of shareholders on November 20, 2024, with 50.83% of shares represented. Shareholders approved three key items: expanding the Board from five to six members (97.84% in favor), electing Andrew J. Chang as Independent Director (98.65% in favor), and ratifying the company's shareholder rights plan (98.58% in favor). Chang, a 20-year technology industry veteran, brings experience from Liberty City Ventures and Paxos, where he helped grow the team and launch regulated blockchain solutions.
Bitfarms (BITF) reported Q3 2024 financial results with revenue of $45 million, up 8% quarter-over-quarter and 30% year-over-year. The company achieved a gross mining margin of 38%, down from 51% in Q2 2024. Current hashrate increased to 11.9 EH/s from 10.4 EH/s in Q2. The company announced the acquisition of Stronghold Digital Mining, expected to increase energy portfolio to over 950 MW by year-end 2025. Bitfarms reported a net loss of $37 million or $(0.08) per share, with Adjusted EBITDA of $6 million. The company held 1,188 BTC in treasury as of October 31, 2024, valued at $84 million.
Bitfarms (NASDAQ/TSX: BITF) has rescheduled its third quarter 2024 financial results conference call to November 13th, 2024, at 8:00 am EST. The company will release its Q3 2024 results before market opening on the same day. All financial materials will be accessible in the 'Financial Results' section of Bitfarms' investor site. Previously registered participants can use their existing links to join the call. Interested parties can access the live webcast and replay through the provided link, while those wanting to join by phone need to register to receive dial-in details and a PIN.
Bitfarms (NASDAQ/TSX: BITF) reported mining 236 BTC in October 2024, a 9% increase from September but 41% lower year-over-year. The company reached its year-end efficiency goal of 21 w/TH ahead of schedule but acknowledges delays in achieving its mid-year 12 EH/s target due to miner warranty servicing issues. Key highlights include: operating hash rate of 11.5 EH/s (up 83% Y/Y), average daily earnings of 7.6 BTC (~$540,000), and increased Bitcoin treasury to 1,188 BTC. The company announced a second hosting agreement with Stronghold Digital Mining for 10,000 miners, bringing the total to 20,000 miners to be deployed in Pennsylvania.
Bitfarms (NASDAQ/TSX: BITF) has signed a second miner hosting agreement with Stronghold Digital Mining for 10,000 miners at their Scrubgrass site in Pennsylvania. This follows an initial 10,000 miner agreement from September, supporting 2.2 EH/s total. The new miners, originally planned for Paraguay, will begin energization in December 2024. The agreement runs through December 31, 2025, with automatic one-year renewals. Bitfarms will pay Stronghold 50% of the profit generated by the miners and has deposited $7.8 million for estimated power costs, refundable at the end of the initial term.