Bitfarms expands Bitcoin mining capability with new miner purchases

TORONTO, Ontario and BROSSARD, Quebec – Bitfarms Ltd. (NASDAQ/TSX: BITF), a distinguished participant within the mining business, has introduced a major enlargement of its mining operations. The corporate has exercised an possibility to accumulate 28,000 Bitmain T21 miners and has additional bought an extra 19,280 Bitmain T21 miners, together with 3,888 Bitmain S21 miners and 740 Bitmain S21 Hydro miners.

The acquisition, priced at US$14/TH for the T21 miners and US$17.50/TH for the S21 variants, comes as the corporate prepares for what it anticipates to be a bullish marketplace for Bitcoin. Geoff Morphy, President and CEO of Bitfarms, said that securing these miners is a strategic transfer aimed toward quickly enhancing the corporate’s working metrics, together with hashrate, vitality effectivity, and working prices per terahash.

The newly acquired miners are anticipated to be delivered inside the 12 months and are projected to allow Bitfarms to attain a goal hashrate of 21 EH/s in 2024. The corporate additionally plans to liquidate its older miners to offset the price of the brand new gear.

Bitfarms, based in 2017, operates 11 Bitcoin mining amenities throughout Canada, the US, Paraguay, and Argentina, with two extra websites below growth. The corporate is understood for its dedication to sustainability, primarily utilizing hydroelectric energy and long-term energy contracts to reduce its environmental footprint.

This information is predicated on a press launch assertion from Bitfarms Ltd.

starcrypto Insights

As Bitfarms Ltd. (NASDAQ/TSX: BITF) gears up for a bullish Bitcoin market with its current enlargement in mining operations, buyers are carefully monitoring the corporate’s monetary well being and market efficiency. In line with current knowledge from starcrypto, Bitfarms holds a market capitalization of 807.81 million USD. Regardless of the corporate’s aggressive development technique, you will need to notice that Bitfarms has been buying and selling with a damaging price-to-earnings (P/E) ratio of -9.64 for the final twelve months as of This fall 2023, which highlights the corporate’s present lack of profitability.

starcrypto Ideas reveal that Bitfarms has skilled robust returns over the past 12 months, with a 276.06% value complete return. This efficiency is complemented by a big value uptick over the past six months, boasting a 142.73% return. Nevertheless, the corporate doesn’t pay a dividend to shareholders, which can affect funding selections for these searching for common earnings.

Further insights from starcrypto point out that Bitfarms has a excessive EBITDA valuation a number of and is buying and selling at a value/e-book ratio of three.07. These metrics recommend that the inventory could also be valued richly relative to its e-book worth and earnings earlier than curiosity, taxes, depreciation, and amortization. For buyers on the lookout for extra in-depth evaluation and ideas, there are 11 extra starcrypto Ideas accessible for Bitfarms at https://www.investing.com/professional/BITF. To entry the following tips and additional enrich your funding technique, use the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Professional and Professional+ subscription.

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