Bitfarms Stock Price, News & Analysis

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.

Bitfarms (NASDAQ/TSX: BITF) has nominated Andrew J. Chang for election to its Board of Directors at the Special Meeting scheduled for November 20, 2024. The meeting will address expanding the Board from five to six members and ratifying the company's shareholder rights plan. Chang brings 20 years of technology industry experience, notably as a founding partner of Liberty City Ventures and former COO of Paxos, where he helped grow the team from 8 to 190 employees and launched the first regulated blockchain-focused trust company and stablecoin in the U.S. During his tenure at Paxos, the company raised $500M and achieved a $2.4 billion valuation.

Bitfarms (NASDAQ/TSX: BITF) has appointed Rachel Silverstein as U.S. General Counsel, effective November 1, 2024. Silverstein brings over 16 years of legal experience and extensive expertise in Bitcoin mining, having led transactions exceeding one gigawatt across multiple jurisdictions. She previously served as General Counsel at CleanSpark and co-founded Firm 21m, a law firm specializing in Bitcoin mining and energy companies. The appointment aims to improve operating efficiencies, enhance corporate governance, and reduce legal expenses as Bitfarms continues its U.S. expansion.

Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin data center company, has scheduled its Q3 2024 earnings release for Tuesday, November 12th, before market open. The company will host a conference call at 8:00 am EST on the same day. All financial materials will be available in the 'Financial Results' section of Bitfarms' investor website prior to the call. Interested parties can access the live webcast and replay through provided links, while those joining by phone must register to receive dial-in details and a PIN.

Bitfarms (Nasdaq/TSX: BITF) has filed an amended and restated prospectus supplement dated October 4, 2024, updating its existing US$375 million at-the-market (ATM) equity offering program. This amendment is required due to the proposed Stronghold Digital Mining acquisition. The ATM program, established with H.C. Wainwright & Co., as agent, allows Bitfarms to sell common shares at its discretion, with US$127 million remaining available.

To date, 109,323,321 Common Shares have been distributed for gross proceeds of approximately US$248 million. The company intends to use the net proceeds primarily for capital expenditures to support growth and development of existing mining operations, as well as for working capital and general corporate purposes. Sales will be made on the Nasdaq Stock Market at prevailing market prices, with no offerings on the TSX or in Canada.

Bitfarms (NASDAQ/TSX: BITF) released its September 2024 production report, highlighting key achievements and operational updates. The company reached its end-of-year efficiency target of 21 w/TH three months ahead of schedule, potentially increasing gross data center profitability. Bitfarms signed a hosting agreement with Stronghold Digital Mining to accelerate the deployment of 10,000 Bitmain T21 miners, expected to add ~2.2 EH/s to operational capacity.

In September, Bitfarms earned 217 BTC, a 7% decrease from August due to increased Bitcoin difficulty. The company's operational hash rate reached 11.3 EH/s, up 85% year-over-year. Bitfarms sold 173 BTC for $10.5 million and increased its HODL to 1,147 BTC. Total liquidity stood at $146 million, including $73 million in cash. The company remains on track to achieve 21 EH/s in the coming months and aims to double its operating capacity in 2025.