WELL Health
Trending >

Bitfarms stock closes 2023 on winning streak

BITF stock

It’s not quite the heady days of 2021 for crypto-miners like Bitfarms (Bitfarms Stock Quote, Chart, News, Analysts, Financials TSX:BITF) but it is some welcome relief for its shareholders.

Shares of BITF on the TSX are spiking today, up 13.9 per cent to $4.51 just minutes into the open.

What’s driving the share price? Bitcoin’s rise, of course, and the fact the company is seeing little slowdown in its ability to produce them.

“In November, we delivered solid performance in the face of network difficulty increases from more miners coming on-line going into the 2024 halving and, in anticipation of the halving, we initiated our 2024 transformative fleet upgrade plan,” CEO Geoff Morphy said at the beginning of December. “We placed a firm purchase order for 35,888 high-performance Bitmain T21 miners, which are scheduled for deliveries from March, 2024, to May, 2024. Deploying these new miners at seven of our eight existing farms in Quebec in conjunction with the development of our new Paso Pe, Paraguay, site, we expect to increase our operating capacity 29 per cent to 310 MW [megawatts] and our hashrate 88 per cent to 12 EH/s [exahashes per second] in H1 2024. With a contract price of $14.00/TH [terahash] and advanced high-energy features applying to the purchase order, and the option in H2 2024 for 28,000 additional miners, these next-gen miners will drive significant efficiencies throughout our portfolio and generate improved profit margins.”

Bitfarms mined 392 BTC in November of 2023 compared to 453 in November of last year.

Of course the price of Bitcoin has made up for that, climbing approximately 170 per cent in 2023 and trading above (US) $43,000 today. The world’s favorite cryptocurrency hit an all-time high of $68,997.76 in 2021.

We Hate Paywalls Too!

At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.

Make a one-time or recurring donation

About The Author /

ChatGPT is a large language model developed by OpenAI, based on the GPT-3.5 architecture. It was trained on a massive amount of text data, allowing it to generate human-like responses to a wide variety of prompts and questions. ChatGPT can understand and respond to natural language, making it a valuable tool for tasks such as language translation, content creation, and customer service. While ChatGPT is not a sentient being and does not possess consciousness, its sophisticated algorithms allow it to generate text that is often indistinguishable from that of a human.
insta twitter facebook