Bitfarms Ltd. - BITF STOCK NEWS

Bitfarms (NASDAQ/TSX: BITF) announced a restatement of its financial statements for fiscal years 2022-2023 and related periods due to a material error in classifying digital asset sale proceeds. The restatement involves reclassifying these proceeds from operating activities to investing activities in cash flow statements. Additionally, the company is correcting an accounting error related to warrant redemption in 2023.

The changes do not affect the company's overall cash position or net cash flows. The restatement impacts financial statements for 2022, 2023, and the first three quarters of 2024. Management acknowledged a material weakness in internal control over financial reporting and is implementing remediation measures.

Bitfarms (NASDAQ/TSX: BITF) achieved a 12.8 EH/s operating hashrate in November 2024, marking a 100% year-over-year increase. The company mined 204 BTC during the month, down from 236 BTC in October. Under new hosting agreements, nearly 75% of Bitfarms' hashrate is expected to come from North American data centers by H1 2025. The company upgraded approximately 19,000 T21 miners to S21 Pro miners, targeting a 10% efficiency improvement. Treasury management included selling 171 BTC for $14.6M and transferring 351 BTC to Bitmain for miner upgrades, ending November with 870 BTC in treasury valued at $84.4M.

Bitfarms (NASDAQ/TSX: BITF) held a Special Meeting of shareholders on November 20, 2024, with 50.83% of shares represented. Shareholders approved three key items: expanding the Board from five to six members (97.84% in favor), electing Andrew J. Chang as Independent Director (98.65% in favor), and ratifying the company's shareholder rights plan (98.58% in favor). Chang, a 20-year technology industry veteran, brings experience from Liberty City Ventures and Paxos, where he helped grow the team and launch regulated blockchain solutions.

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.