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.
Riot Platforms, Inc. (NASDAQ: RIOT) has issued a press release regarding a settlement agreement with Bitfarms (NASDAQ/TSX: BITF). Key points include:
- Andrés Finkielsztain resigned from Bitfarms' Board of Directors
- Amy Freedman was appointed to the Board and various committees
- Riot withdrew its requisition for a special meeting of Bitfarms shareholders
Riot currently owns 90,110,912 common shares of Bitfarms, representing approximately 19.9% of the issued and outstanding shares. Riot intends to review its investment in Bitfarms continuously and may increase or decrease its position based on various factors.
Bitfarms and Riot have reached a settlement agreement ahead of Bitfarms' Special Meeting of Shareholders. Key points include:
1. Andrés Finkielsztain steps down from Bitfarms' Board
2. Amy Freedman appointed to Bitfarms' Board
3. Riot withdraws its June 24, 2024 requisition
4. Shareholders to vote on expanding Board from 5 to 6 members
5. Riot agrees to standstill provisions through Bitfarms' 2026 Annual Meeting
6. Bitfarms grants Riot certain share purchase rights
The Special Meeting may be delayed but will be held no later than November 20, 2024. Both companies express satisfaction with the agreement, focusing on shareholder value creation and strategic growth.
Bitfarms (NASDAQ/TSX: BITF) has entered into a miner hosting agreement with Stronghold Digital Mining Hosting, , a subsidiary of Stronghold Digital Mining, Inc. (NASDAQ: SDIG). The agreement involves accelerating the deployment of 10,000 Bitmain T21 miners to Stronghold's Panther Creek site in Pennsylvania, bringing 2.2 EH/s online in October 2024, two months ahead of schedule. This strategic move aims to optimize assets and control power costs, Bitfarms' top expense. The agreement runs until December 31, 2025, with automatic one-year renewals. Bitfarms will pay Stronghold 50% of the profit generated by the miners, subject to adjustments. Bitfarms also deposited $7.8 million with Stronghold as a refundable power cost estimate.
Bitfarms (Nasdaq/TSX: BITF) has announced key enhancements to its Operations teams. Alex Brammer has been appointed Senior Vice President of Global Mining Operations, while Benoit Gobeil has been promoted to Chief Infrastructure Officer. The company's Mining Operations will be split into two divisions: Mining Operations and Infrastructure.
Mr. Brammer, with 20 years of international operations expertise, will lead the Mining Operations team, focusing on miner performance, upgrades, and hashrate. Mr. Gobeil will head the Infrastructure team, overseeing construction, expansion, upgrades, and maintenance. Both will report directly to CEO Ben Gagnon.
These changes aim to deliver greater scalability and accountability in data center operations and lay the foundation for HPC/AI operations. Bitfarms is on track to double its operating capacity next year, targeting 35 EH/s+ in 2025.
Bitfarms (NASDAQ/TSX: BITF) has rescheduled its Special Meeting of shareholders from October 29, 2024, to November 6, 2024. This meeting is in response to a requisition made by Riot Platforms, Inc., a direct competitor. The delay allows Bitfarms' Special Committee more time to review Riot's Amended Requisition and for shareholders to evaluate their voting decision.
The Bitfarms Board emphasizes acting in the best interests of all shareholders, contrasting with Riot's focus on its own shareholders. To avoid a costly proxy contest, Bitfarms has proposed a settlement agreement to Riot, including adding one mutually agreed Board nominee and implementing standstill provisions.
The Special Meeting will be held in-person with a live audio webcast option. Shareholders will receive detailed information about the Amended Requisition and other matters to be voted on in a management information circular before the meeting.
Bitfarms (Nasdaq/TSX: BITF), a global Bitcoin data center company, is set to participate in the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11 in New York City. CEO Ben Gagnon will join a Bitcoin Mining Panel on September 10th at 11:00am Eastern, alongside CEOs from Bit Digital, CleanSpark, Core Scientific, and Marathon Digital Holdings, moderated by Anthony Scaramucci.
Additionally, Gagnon and CFO Jeff Lucas will deliver a Company Presentation on September 10th at 3:30pm Eastern. The presentation will be available via webcast, with a replay accessible on Bitfarms' investor site. Investors can arrange 1x1 meetings through H.C. Wainwright representatives or by contacting investors@bitfarms.com.
Bitfarms (NASDAQ/TSX: BITF) has issued a statement addressing misleading claims from Riot Platforms, Inc. regarding an upcoming special meeting. Bitfarms asserts that Riot's actions are aimed at acquiring Bitfarms at a discounted price, benefiting Riot shareholders rather than Bitfarms'. The company emphasizes that recent Board and leadership changes were made independently to enhance shareholder value.
Bitfarms highlights its proposed acquisition of Stronghold, which aligns with its strategy to diversify power access and rebalance its energy portfolio towards the U.S. This transaction could add up to 307 MW of power capacity, potentially increasing Bitfarms' energy portfolio to over 950 MW, with nearly 50% in the U.S., by year-end 2025. The company remains committed to delivering exceptional value to shareholders in both the near and long term.
Bitfarms (NASDAQ/TSX: BITF) has announced its August 2024 production report and strategic expansion plans. Key highlights include:
1. Acquisition of Stronghold Digital Mining, increasing 2025 energy portfolio by 47%.
2. Earned 233 BTC in August 2024, with HODL increasing to 1,103 BTC.
3. Operational hashrate increased to 11.3 EH/s.
4. Assumed control of Sharon, PA site with access to up to 120 MW.
5. Targeting expansion to 950 MW by end of 2025, with nearly 50% capacity in the U.S.
6. Total expansion capacity of up to 1.6 GW, 66% located in the U.S.
The company aims to diversify operations beyond Bitcoin mining and maximize long-term shareholder value through vertical integration with power generation and advanced energy trading capabilities.
Riot Platforms, Bitfarms' largest shareholder with a 19.9% stake, has issued an open letter to fellow Bitfarms shareholders ahead of the October 29 special meeting. Riot criticizes Bitfarms' governance and recent actions, including board changes and the proposed Stronghold Digital Mining acquisition. Riot has reduced its proposed slate of new directors from three to two: Amy Freedman and John Delaney.
Riot argues that Bitfarms' recent board changes have been reactive and insufficient, citing examples of the board's defensive posture such as a failed off-market poison pill and a unilateral board refresh. The letter expresses concern over the Stronghold acquisition's timing and price, viewing it as potentially entrenching the current board.
Riot urges Bitfarms to halt defensive tactics and allow shareholders to be heard at the upcoming meeting, warning against any financing transactions that could be dilutive to shareholders.
Bitfarms (Nasdaq/TSX: BITF) has assumed control of its first large-scale U.S. data center in Sharon, Pennsylvania, significantly expanding its U.S. footprint from 20 MW to 140 MW. The site, located in the PJM Interconnection market, offers access to up to 120 MW of low-cost, flexible power suitable for Bitcoin mining and HPC/AI operations. Bitfarms has closed on 110 MW, with 30 MW expected to be operational by the end of 2024. An additional 10 MW is planned for 2025, bringing the total site capacity to 120 MW.
CEO Ben Gagnon highlighted that the site could support up to 8 EH/s+ with the latest generation miners. The company expects to leverage curtailment, demand-response, and energy trading opportunities to optimize power costs. This strategic move marks the beginning of Bitfarms' aggressive U.S. growth plan, positioning the company to capitalize on the largest wholesale electricity market in the country.
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