Bitfarms Ltd. - BITF STOCK NEWS

Bitfarms Ltd. (NASDAQ: BITF) announced significant operational developments at its Rio Cuarto facility in Argentina. The company has received power permits to expand production capacity to 100 MW, initially doubling its active capacity to 18 MW and raising operational hashrate to 5 EH/s. Key milestones include the addition of 2,100 miners and the testing of the new substation, which can deliver 120 MW. With electricity rates expected below $0.03 per kWh, the company anticipates a reduction in Bitcoin mining costs. Bitfarms recently acquired new miners to further enhance production efficiency, projecting an increase in hashrate to 5.7 EH/s. The firm aims for low-cost power and expansion opportunities, marking Rio Cuarto as its largest and lowest operating cost farm.

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a leading global Bitcoin company, will present at the Ladenburg Thalmann Technology Expo 2023 on April 27, 2023, at 10:30 AM ET. The event will take place at Convene Hotel, New York, NY. Bitfarms is known for its vertically integrated Bitcoin mining operations across ten facilities located in four countries: Canada, the United States, Paraguay, and Argentina. The company focuses on sustainable energy, primarily utilizing hydro-electric power. The presentation can be accessed live via a webcast.

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF) announced agreements to acquire 22 MW of hydro power capacity and lease a site in Baie-Comeau, Quebec. This region hosts five hydro facilities with over 5.4 gigawatts capacity. CEO Geoff Morphy highlighted that this acquisition advances Bitfarms’ strategy to expand operations cost-effectively. The development is expected to utilize existing resources for construction and is projected to bring 11 MW online by the third quarter of 2023, with the remaining capacity expected by late 2024. The agreements include a US$1.8 million power contract, with 40% in cash and 60% in common shares, and a 10-year lease with a purchase option. The 22 MW expansion is anticipated to add over 600 PH/s capacity, improving Bitfarms’ position ahead of the next Bitcoin halving in 2024.

Bitfarms Ltd. (NASDAQ: BITF), a leading Bitcoin self-mining firm, announced significant operational and financial improvements for March 2023. The company mined 424 BTC, a 17% year-over-year increase, while maintaining stable production despite energy curtailment in Quebec and Paraguay. Average selling price for sold BTC was $24,700, generating $9.7 million in proceeds. Ending March with $29 million in cash and equivalents, 435 BTC in custody, and a total debt of $21 million, Bitfarms reduced its indebtedness by $2 million. Q1 2023 saw BTC prices rise by 72%, bolstering mining economics.

Bitfarms Ltd. (NASDAQ: BITF) reported its Q4 and full year 2022 financial results, highlighting a net loss of $17 million and an overall net loss of $239 million for the year. The company mined 1,434 BTC in Q4 and achieved 5,167 BTC for the year, averaging a direct production cost of $10,000 per BTC. Despite challenges, Bitfarms reported a positive Adjusted EBITDA of $1 million for Q4 2022. The firm anticipates increasing its hashrate to 6.0 EH/s by year-end 2023. Total revenue for Q4 was $27 million, down from $33 million in Q3, primarily due to lower BTC prices and increased network difficulty.