Bitfarms Ltd. - BITF STOCK NEWS

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a prominent Bitcoin self-mining company, is set to disclose its fiscal fourth quarter and full year 2022 financial results on March 21, 2023, before market opening. Following the report, management will conduct a conference call at 11:00 a.m. ET to discuss results and address questions. The company, founded in 2017, operates 10 mining facilities across Canada, the U.S., Paraguay, and Argentina, utilizing mostly renewable energy sources. Interested parties can submit questions ahead of the call or participate via a live webcast.

Bitfarms Ltd. (NASDAQ: BITF), a global Bitcoin self-mining company, reports a successful February 2023, with a total BTC mined of 387, reflecting a 30% year-over-year increase. Key highlights included a significant reduction in total indebtedness to $22.7 million, achieved by paying off $20.6 million owed to BlockFi for just $7.75 million. Despite a 21.7% increase in network difficulty and operational curtailment due to cold weather, the company’s production capabilities remained strong. The company holds 405 BTC valued at approximately $9.6 million, indicating solid cash flow potential for future growth.

Bitfarms Ltd. (NASDAQ: BITF), a Bitcoin self-mining company, has settled its $21 million loan with BlockFi for $7.75 million, unencumbering 6,100 miners. This payment significantly reduces Bitfarms' debt from $165 million in June 2022 to just $25 million, enhancing liquidity and financial flexibility. The remaining debt, primarily secured by high-efficiency mining equipment, is set to mature by February 2024. CFO Jeff Lucas stated this move positions the company for future growth ahead of the anticipated Bitcoin halving event in May 2024.

Bitfarms Ltd., a Bitcoin self-mining company, announced a significant update regarding its operations. In January 2023, the company mined 486 BTC, representing a 61% increase year-over-year. New equipment was installed in Paraguay, boosting hashrate by 168 PH/s, bringing the total to 288 PH/s. Despite challenges, including two network difficulty increases totaling 15.5%, the company maintained a daily production average of 15.7 BTC. Financially, it reduced its equipment-related debts by $2.5 million, improving its balance sheet. Bitfarms sold 486 BTC for $9.7 million in January alone.

Bitfarms Ltd. (NASDAQ: BITF / TSX: BITF), a Bitcoin self-mining company, is actively working to reduce its indebtedness, particularly focusing on a $32 million loan from BlockFi for its Washington state mining facility. Due to market conditions, the company seeks to modify the loan for more favorable terms. As of December 31, 2022, Bitfarms had cash and crypto assets worth approximately $36 million and total outstanding debts of $47 million. However, the current market value of assets securing the BlockFi loan is around $5 million versus a $20 million obligation, potentially leading to defaults and operational risks.

Bitfarms Ltd. (NASDAQ: BITF), a leading Bitcoin self-mining company, will present at the 25th Annual Needham Growth Conference on January 12, 2023, at 9:30 AM ET. The live webcast of the presentation will be available for replay on their official website. Founded in 2017, Bitfarms operates ten mining facilities across Canada, the U.S., Paraguay, and Argentina, primarily utilizing renewable energy sources. The company is known for its proprietary data analytics system that ensures optimal performance and uptime.

Bitfarms Ltd. (BITF) reports significant growth in November 2022, mining 496 BTC, with a total of 5,167 BTC produced in 2022, a 50% increase from 2021. The company achieved a 4.5 EH/s operational capacity, and paid off a BTC-backed loan of $16.5 million. Despite curtailing operations in Quebec for energy conservation, Bitfarms improved miner efficiency by 15%. The company maintained $31 million in cash and plans to expand operations with new miner deployments in 2023.

Bitfarms Ltd. announces the promotion of Geoffrey Morphy to CEO, effective immediately, following the resignation of Emiliano Grodzki as CEO, who will remain a Director. Under Morphy's leadership, Bitfarms expanded from five Canadian farms to ten facilities across four countries, achieving a hashrate of over 4.4 exahash/second. This transition aims to enhance operational efficiency and capitalize on growth opportunities, including an expansion plan in Argentina, expected to lower operating costs significantly. The company remains focused on sustainable practices and corporate governance.

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF) has completed the sale of its de la Pointe property for net proceeds of US$3.6 million. The buyer, Société de transport de Sherbrooke (STS), plans to use the site for a green mobility initiative, facilitating eco-friendly bus and bike services powered by renewable energy sources. This sale allows Bitfarms to relocate its Bitcoin mining operations and expand further, with the new facilities anticipated to open ahead of schedule.