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 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.
Bitfarms (Nasdaq/TSX: BITF) has entered into a definitive merger agreement to acquire Stronghold Digital Mining, Inc. (Nasdaq: SDIG) in a stock-for-stock transaction valued at approximately US$125 million equity value plus the assumption of US$50 million in debt. The acquisition will expand Bitfarms' energy portfolio to over 950 MW by year-end 2025, with nearly 50% in the U.S. Key benefits include:
- Addition of 4.0 EH/s to Bitfarms' hashrate, with potential expansion to over 10 EH/s
- Vertical integration into power generation with 165 MW of nameplate capacity
- Access to 142 MW of PJM import capacity, expandable to 790 MW
- Environmental benefits through waste reclamation and potential carbon capture
The transaction is expected to close in Q1 2025, subject to approvals. Stronghold shareholders will receive 2.52 Bitfarms shares for each Stronghold share, representing a 71% premium.
Riot Platforms, Inc. has increased its beneficial ownership in Bitfarms to 18.9% of the issued and outstanding Common Shares. On August 13, 2024, Riot acquired 1,000,000 common shares of Bitfarms through normal course purchases on the Nasdaq Stock Market and other open markets. The shares were purchased at a weighted average price of US$2.28 per share, for an aggregate amount of US$2,280,800.00.
Prior to this acquisition, Riot owned 84,293,054 Common Shares (18.68%). After the purchase, Riot now owns 85,293,054 Common Shares (18.90%). Riot has also requisitioned a special meeting of shareholders to seek removal of certain Bitfarms directors and replace them with independent candidates. Riot intends to review its investment in Bitfarms continuously and may consider various actions, including increasing or decreasing its position, hedging its economic exposure, or proposing further changes to Bitfarms' board composition.
Bitfarms (Nasdaq/TSX: BITF) announced significant updates to its Board of Directors and Executive Team. CEO Ben Gagnon has been appointed to the Board, while Lead Director Brian Howlett has been named independent Chairman. Co-founder and former Chairman Nicolas Bonta is stepping down from the Board. Additionally, Liam Wilson, an experienced executive, has been appointed as Chief Operating Officer, effective August 26, 2024.
These changes aim to strengthen Bitfarms' leadership and operational capabilities. The Board will continue to comprise five directors, with four being independent. The company is also recruiting for an SVP of Mining Operations and a VP of HPC/AI to further enhance its operational strength.
Bitfarms (Nasdaq/TSX: BITF) reported Q2 2024 financial results, showing mixed performance. Revenue decreased 16% Q/Q to $42 million but increased 17% Y/Y. Gross mining margin fell to 51% from 64% in Q1 2024. The company made significant progress in expanding its operations, increasing hashrate to 11.1 EH/s from 6.5 EH/s in Q1 2024. Bitfarms added 220 MW capacity in Paraguay and Pennsylvania, bringing the total to 648 MW. The company is on track to achieve 21 EH/s and 21 w/TH efficiency by end of 2024. Bitfarms appointed Ben Gagnon as CEO and concluded its strategic alternatives review process. The company's liquidity stood at $195 million as of June 30, 2024, including $139 million in cash and 905 BTC.