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. (RIOT) has increased its beneficial ownership in Bitfarms to 16.9% of outstanding common shares. On August 2, 2024, Riot acquired 380,838 shares at a weighted average price of US$2.40 per share, totaling US$914,468.21. This acquisition follows Riot's June 24, 2024 announcement of requisitioning a special meeting to remove three Bitfarms Board members and nominate three independent directors. Riot intends to review its investment in Bitfarms continuously, considering factors such as the company's financial position, market conditions, and other investment opportunities. Riot may increase or decrease its position, hedge its exposure, or propose various actions regarding its investment in Bitfarms.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin mining data center company, has announced its schedule for the Second Quarter 2024 Conference Call. The call will take place on August 8th, 2024, at 8:00 am EST, following the release of Q2 2024 financial results before market open. Investors can access the call by dialing 888-506-0062 (domestic) or 973-528-0011 (international) with access code 968924. A live webcast will also be available, and a replay can be accessed until August 22, 2024. All Q2 2024 materials will be available on the company's investor site before the call.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin mining company, released its July 2024 production report. Key highlights include:
- Earned 253 BTC in July, up 34% month-over-month
- Increased operational hashrate to 11.1 EH/s, up 109% year-over-year
- Grew Bitcoin holdings to 1,016 BTC
- Expanded operations in Paraguay with Paso Pe site fully operational
- Progressing construction in Yguazu, Paraguay
The company reported improved efficiency since the April halving event, with Bitcoin mined per month increasing 62%. Bitfarms remains on track to achieve its year-end guidance of 21 EH/s and 21 w/TH, with growth plans fully funded.
Bitfarms (Nasdaq/TSX: BITF) announced that the Toronto Stock Exchange (TSX) has deferred its consideration of the company's shareholder rights plan. The deferral will remain in effect until: 1) the TSX is satisfied that appropriate securities commissions will not intervene, and 2) shareholders ratify the Rights Plan by January 24, 2025. Despite this deferral, the Rights Plan remains operative and effective for at least six months from its July 24, 2024 adoption date, unless terminated earlier. The TSX's deferral does not affect the adoption or operation of the Rights Plan. Bitfarms, a global Bitcoin vertically integrated company, made this announcement as part of a designated news release related to its recent prospectus supplement.
Bitfarms (Nasdaq/TSX: BITF) has responded to a decision by the Capital Markets Tribunal of the Ontario Securities Commission to cease trade the company's shareholder rights plan. In light of this, Bitfarms' Board of Directors has unanimously approved a new shareholder rights plan to protect all shareholders' interests.
The new plan aims to ensure fair treatment in case of unsolicited take-over bids or control acquisitions, including protection against 'creeping bids'. It allows Riot Platforms, Inc. to proceed with its nominations and solicit proxies for the upcoming special meeting on October 29, 2024. The plan will be subject to shareholder ratification within six months and is pending TSX acceptance.
Riot Platforms, Inc. (NASDAQ: RIOT) has successfully challenged Bitfarms 's (NASDAQ/TSX: BITF) shareholder rights plan, commonly known as a 'Poison Pill'. The Ontario Capital Markets Tribunal has cease traded the Poison Pill, effectively terminating it immediately. This decision is viewed as a significant victory for shareholder rights.
Riot's CEO, Jason Les, criticized Bitfarms' corporate governance, stating that the Poison Pill adoption was an attempt by Bitfarms' directors to entrench themselves. Riot continues to advocate for the election of its three independent director nominees - John Delaney, Amy Freedman, and Ralph Goehring - at Bitfarms' upcoming Special Meeting of Shareholders on October 29, 2024. Riot believes these nominees will bring fresh perspectives and help repair Bitfarms' governance issues.
Bitfarms (NASDAQ/TSX: BITF), a global Bitcoin data center company, announces its participation in a virtual fireside chat hosted by H.C. Wainwright on July 17, 2024. The event features newly appointed CEO Ben Gagnon and CFO Jeff Lucas, moderated by Mike Colonnese, Managing Director and Senior Crypto & Blockchain Analyst at H.C. Wainwright.
The chat is scheduled for 4:00 - 5:00pm ET on Wednesday, July 17th. While advance registration is recommended, it's not mandatory. A replay of the session will be available in the Events section of Bitfarms' Investor Relations website for those unable to attend live.
Bitfarms has scheduled a hybrid special meeting of shareholders on October 29, 2024, following a requisition by Riot Platforms. Shareholders as of September 26, 2024, can vote. The meeting aims to address issues raised by Riot, who seeks to disrupt Bitfarms' strategic review process and gain control of the company. The board's special committee, after extensive review, recommended the meeting date and record date. Riot's actions and the company's response will be discussed, including the ratification of the shareholder rights plan. Shareholders will receive detailed information in advance.
Riot Platforms, NASDAQ: RIOT, has launched www.ABetterBitfarms.com to inform shareholders about issues with Bitfarms' corporate governance and propose changes to its Board of Directors. Riot has called for a special shareholders' meeting to vote on its three nominees: John Delaney, Amy Freedman, and Ralph Goehring. These nominees aim to replace current board members including Chairman Nicolas Bonta, Andrés Finkielsztain, and recent appointee Fanny Philip. The website provides resources for stakeholders to learn more, share their views anonymously, and stay updated on Riot's initiatives. Riot emphasizes the need for new perspectives and stronger governance at Bitfarms.
Bitfarms (NASDAQ/TSX: BITF) has appointed Ben Gagnon as its new Chief Executive Officer, effective immediately. Gagnon, who previously served as Chief Mining Officer, brings extensive experience in Bitcoin mining to his new role. He has been with Bitfarms since 2019, holding various leadership positions and contributing significantly to the company's growth strategy. The appointment is part of Bitfarms' broader plan to expand and diversify its business, including ventures into energy generation, heat recycling, energy trading, and high-performance computing (HPC) for AI. The Board of Directors expressed confidence in Gagnon's ability to lead the company through its next phase of growth, particularly in the U.S. market. The company emphasized that this leadership change is independent of its ongoing review of strategic alternatives aimed at maximizing shareholder value.