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Bitfarms Ltd. - BITF STOCK NEWS

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.

News

Bitfarms Earns 392 BTC in November 2023

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Bitfarms Ltd. (BITF) announces plans to upgrade its mining capacity, increase hashrate, and finalize a contract to expand its operations in Paraguay. The company also reported a decline in BTC production for November 2023 due to increased network difficulty.
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Bitfarms Announces Closing of C$60 Million Private Placement with U.S. Institutional Investors

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Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF) has successfully closed a private placement of equity securities, raising approximately C$60 million. The Offering included the sale of 44,444,446 common shares and warrants to purchase up to 22,222,223 common shares. The net proceeds will be used to acquire additional miners, expand infrastructure, and improve working capital.
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Bitfarms Initiates Transformative Fleet Upgrade that Supports 17 EH/s and 391 MW in 2024

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Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF) purchases 35,888 Bitmain T21 miners for $2,660 each, secures option for 28,000 more, aims for 17 EH/s by H2 2024. Special conference call scheduled for November 28, 2023 at 8:30 am ET.
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Bitfarms Announces C$60 Million Private Placement with U.S. Institutional Investors

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Bitfarms Ltd. (BITF) Enters into $60 Million Private Placement for Bitcoin Mining Expansion
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Bitfarms Locks in Power Cost at 2.1 cents per kWh Fixed Rate at Rio Cuarto

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Bitfarms Ltd. (BITF) enters into a prepaid power contract with an Argentinian private power producer to receive 54 MW at Rio Cuarto at a fixed rate of 2.1 cents per kWh plus VAT from November 2023 through April 2024. This agreement aims to significantly lower the company's blended cost of power, benefiting from seasonally lower natural gas prices in Argentina.
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Bitfarms Reports Third Quarter 2023 Results

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Bitfarms Ltd. reported revenue of $35 million, net loss of $19 million, and Adjusted EBITDA of $7 million for Q3 2023. The company earned 1,172 BTC and increased its treasury by 154 BTC to 703 BTC. Bitfarms' operating capacity grew to 6.3 EH/s by October 31, 2023, and the company is developing its operating capacity to 290 MW in Q1 2024, up 24% from Q3 2023.
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Bitfarms Earns 398 BTC in October 2023

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Bitfarms Ltd. increased its hashrate to 6.3 EH/s in October, reaching a total operating capacity of 240 MW. The company's operating capacity has increased by 31% compared to a year ago. Bitfarms also announced long-term and low-cost energy contracts totaling 574 MW, indicating room for further expansion. In terms of financials, the company has been focused on increasing its financial flexibility and strengthening its balance sheet while executing its growth plan. Bitfarms is well-positioned to invest for the remainder of 2023 and into 2024 and take advantage of disruptive opportunities around the April halving.
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Bitfarms to Report Third Quarter 2023 Financial Results on Tuesday, November 7, 2023

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Bitfarms Ltd. will report its fiscal third quarter 2023 financial results on November 7, 2023. Management will host a conference call to review the results.
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Bitfarms Reaches 240 MW and 6.3 EH/s as Baie-Comeau Fully Energizes Initial Phase

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Bitfarms Ltd. has fully energized the first phase of its farm in Baie-Comeau, Quebec, increasing its total operating capacity to 240 MW and its hashrate to 6.3 EH/s. The company plans to reach 11 MW by the end of Q3 2023 and add another 11 MW when power is made available in 2H 2024.
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Bitfarms to Participate in the Dawson James Small Cap Growth Conference October 12

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Bitfarms Ltd. announced participation in Dawson James Small Cap Growth Conference on October 12.
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FAQ

What is the current stock price of Bitfarms Ltd. (BITF)?

The current stock price of Bitfarms Ltd. (BITF) is $2.11 as of November 22, 2024.

What is the market cap of Bitfarms Ltd. (BITF)?

The market cap of Bitfarms Ltd. (BITF) is approximately 947.4M.

What does Bitfarms Ltd. do?

Bitfarms Ltd. engages in cryptocurrency mining, selling computational power for hashing calculations. They also design, build, and manage farm operations and data centers.

Where are Bitfarms' operations located?

Bitfarms' operations are located in Canada, the United States, Argentina, and Paraguay.

What recent achievements has Bitfarms accomplished?

Recent achievements include expansions in data center capacities and strategic partnerships to enhance operational efficiency.

How does Bitfarms contribute to the blockchain ecosystem?

Bitfarms plays a catalytic role by supporting the blockchain ecosystem through its extensive expertise in cryptomining and technology infrastructure.

What is the core business of Bitfarms?

The core business of Bitfarms is cryptocurrency mining and selling computational power for blockchain operations.

Who are the primary regulatory authorities for Bitfarms?

Bitfarms is regulated by authorities including the Toronto Stock Exchange and Nasdaq, among others.

What are some of the key projects Bitfarms is currently working on?

Key projects include expanding data center capacities and enhancing energy logistics for improved operational efficiency.

How does Bitfarms ensure sustainable growth?

Bitfarms ensures sustainable growth by continuously innovating and adapting to market changes, along with strategic partnerships and infrastructure development.

What role does energy logistics play in Bitfarms' operations?

Energy logistics are crucial for Bitfarms as they manage the power requirements for their extensive cryptomining operations, ensuring efficiency and sustainability.

How can I stay updated with the latest news about Bitfarms?

You can stay updated by following Bitfarms on their social media channels and visiting their official website for the latest news and updates.

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Bitfarms Ltd.

Nasdaq:BITF

BITF Rankings

#2617 Ranked by Market Cap
N/A Ranked by Dividends

BITF Stock Data

947.36M
381.97M
23.37%
18.87%
9.11%
Capital Markets
Financial Services
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United States of America
Toronto