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) 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.
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.