Welcome to our dedicated page for Bitfarms Ltd. news (Ticker: BITF), a resource for investors and traders seeking the latest updates and insights on Bitfarms Ltd. stock.
Bitfarms Ltd. (symbol: BITF) is one of the largest blockchain technology companies in North America, with operations primarily based in Québec, Canada. Founded as a pioneer in the blockchain and cryptocurrency mining industry, Bitfarms has expanded its technological expertise well beyond cryptomining.
Bitfarms focuses on selling computational power used for hashing calculations, thereby facilitating cryptocurrency mining across multiple jurisdictions including Canada, the United States, Argentina, and Paraguay. The company owns and operates server farms equipped with specialized computers designed for validating transactions on the Bitcoin Blockchain.
Recent achievements for Bitfarms include significant expansions in their data center capacities and strategic partnerships that enhance their operational efficiency. The company's robust infrastructure and energy logistics management play a critical role in supporting the ever-evolving digital landscape, making Bitfarms a catalytic force in the blockchain ecosystem.
Bitfarms continues to innovate and adapt to market changes, ensuring sustainable growth and stability in a highly speculative and dynamic industry. Their commitment to developing blockchain-based technologies positions them as a key player in transforming how digital transactions and operations are conducted globally.
Bitfarms (BITF) has doubled its Yguazu power capacity in Paraguay from 100 MW to 200 MW through an amendment to its Power Purchase Agreement with ANDE, Paraguay's state-owned utility.
This sustainable hydropower, scheduled for deployment in 2025, will be provided at a low cost of approximately 3.9 cents per kWh, with no annual inflation adjustments.
The construction began in March and includes major contracts and equipment orders.
This expansion is expected to increase Bitfarms' 2025 megawatts under management by 23%, from 428 MW to 528 MW, leveraging cost efficiencies from existing plans.
Paraguay represents a significant growth opportunity for Bitfarms, with 270 MW of infrastructure expansion planned at Paso Pe and Yguazu farms.
Bitfarms rescheduled its first quarter conference call to May 15th at 8:00 am ET, where it will report Q1 2024 results. The call will be accessible via phone and webcast, with a presentation available beforehand on the Investor website. An audio replay will be available until June 3, 2024.
Bitfarms announces the termination of CEO Geoffrey Morphy and the appointment of Nicolas Bonta as interim CEO. Morphy filed a claim against the Company, seeking damages of USD$27 million, which Bitfarms believes are without merit. The CEO executive search is nearing completion, with a new CEO expected to be appointed in the coming weeks.
Bitfarms , a global Bitcoin mining company, earned 269 BTC in April 2024, improved energy efficiency by 9%, and expects to reach 21 EH/s and 21 w/TH in 2024. The company anticipates a VAT refund of US $23.7M from Canada. Fleet upgrades are progressing well, with the company on track to achieve its targets. April mining operations generated 269 BTC, impacted by the BTC Halving and network difficulty increase. Bitfarms sold 245 BTC, increasing treasury holdings to 830 BTC.
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