Bitfarms Ltd. - BITF STOCK NEWS

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF) provides a production update for August 2022, highlighting significant progress in its mining operations. The company mined 534 BTC in August, averaging 17.2 BTC per day, a 7% increase from July. The first segment of their 50 MW warehouse in Argentina is nearing energization, contributing to a target of 4.2 EH/s hash rate by September 30. The company also reported a 3.9 EH/s hash rate online, up 278% from the previous year. Additionally, Bitfarms launched a new corporate website to enhance user experience.

Bitfarms (NASDAQ: BITF) reported its Q2 2022 financial results, mining 1,257 BTC with an average production cost of $9,900 per BTC. The company generated positive cash flow, featuring an Adjusted EBITDA of $19 million. Despite the downturn in BTC prices, total revenue increased 14% year-over-year to $42 million. The company faced an operating loss of $173 million, attributed to substantial losses on digital assets. However, Bitfarms is expanding its operations, targeting 4.2 EH/s by Q3 and 6.0 EH/s by year-end, backed by a strong liquidity position with $46 million in cash.

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF) reported significant advancements in its Bitcoin mining operations for July 2022. The company's total mining capacity increased by 21% to 166 megawatts, and it mined 500 Bitcoins at an average rate of 16.1 BTC/day. The hashrate also grew by 6%, reaching 3.8 EH/s. Despite challenges from high temperatures affecting productivity, Bitfarms anticipates exceeding its 4 EH/s target in August. Additionally, it engaged in financing activities that reduced debt by $15 million, enhancing financial flexibility.

Bitfarms Ltd. (NASDAQ: BITF), a global Bitcoin self-mining company, will release its fiscal Q2 2022 financial results on August 15, 2022, before market opening. A conference call will follow at 11:00 a.m. ET, allowing investors to engage in a Q&A session after management's remarks. Participants can register online for the call or dial in directly. Bitfarms operates multiple facilities powered primarily by hydroelectric energy and has achieved notable milestones since inception in 2017, including becoming a publicly traded entity on the TSX and NASDAQ.

Bitfarms Ltd. has completed Phase 2 of its expansion at The Bunker, adding 18 MW of capacity.

This expansion boosts the company's hashrate by 200 PH/s to a total of 3.8 EH/s, increasing daily Bitcoin production to 16.8 BTC, up 15% from 14.6 BTC at the end of June.

With additional capacity from Washington state, total operational capacity now stands at 158 MW, and the company aims to reach 4 EH/s by early August, targeting 6 EH/s by year-end.

Bitfarms Ltd. reported its June 2022 Bitcoin production, mining 420 BTC, averaging 14 BTC per day. The company experienced a 6% month-over-month increase in hashrate, reaching 3.6 EH/s. Significant developments include progress in construction at its facilities in Argentina and a secured US$37 million financing to support growth. Notably, the company reduced its BTC-backed loan from US$100 million to US$38 million, saving US$7 million in annual interest expenses. Bitfarms expects to exceed its Q2 2022 hashrate target of 4.0 EH/s soon.

Bitfarms Ltd. held its annual general meeting on June 21, 2022, in Brossard, Quebec, with 45.58% of shares represented. Five directors were elected, including Nicolas Bonta and Emiliano Grodzki, alongside the reappointment of PricewaterhouseCoopers LLP as auditors. The company emphasized its operational excellence with high uptime and a commitment to environmentally friendly hydro power across its facilities. Founded in 2017, Bitfarms has expanded rapidly, establishing itself in North America and Paraguay, reducing operational risks and improving profitability.

Bitfarms Ltd. has sold 3,000 BTC for approximately US$62 million, enhancing its liquidity and reducing its BTC-backed credit facility from US$66 million to US$38 million. The company currently holds 3,349 BTC, with daily production averaging around 14 BTC. These strategic adjustments aim to strengthen Bitfarms' balance sheet amid market volatility and prepare for future operational growth. As of June 20, 2022, Bitfarms possesses US$42 million in cash and BTC valued at approximately US$67 million.

Bitfarms Ltd. (NASDAQ: BITF / TSX: BITF) has entered a US$37 million equipment financing agreement with NYDIG to fund mining operations in Quebec. The company has also reduced its BTC-backed credit facility from US$100 million to US$66 million after selling 1,500 BTC. These strategic moves aim to improve financial liquidity amidst a challenging crypto market. CFO Jeff Lucas noted that these initiatives prepare the company for potential expansion opportunities while maintaining low operational costs.