Bitfarms is embarking on an ambitious fleet upgrade plan for 2024, with the goal of significantly increasing its hashrate, operating capacity, and fleet efficiency. The company plans to triple its hashrate to 21 EH/s, boost operating capacity by at least 63% to 391 MW, and enhance fleet efficiency by 34% to 23 w/TH.
To achieve these targets, Bitfarms will be acquiring 35,888 Bitmain T21 miners for delivery and installation in the first half of 2024. There is also an option to purchase an additional 28,000 T21 miners to reach the desired hashrate of 17 EH/s in the second half of the year. In February 2024, Bitfarms earned 300 BTC, contributing approximately 3 EH/s at an efficiency of 22 w/TH towards the H2 2024 hashrate goal.
The fleet upgrade plan includes ramping up the hashrate to 12.0 EH/s by Q2 2024, with the potential to reach 17.0 EH/s by H2 2024. Fleet efficiency is expected to improve by 29%, reaching an efficiency of 25 w/TH. Bitfarms is also aiming to achieve hashrates of 12 EH/s in the first half of 2024 and 21 EH/s in the second half of the year as part of its growth strategy.
Overall, Bitfarms is focused on expanding production capacity, enhancing energy efficiency through new installations and fleet upgrades, and establishing itself as a top player in the Bitcoin mining industry.
BITF Stock Shows Strong Performance with 6.02% Increase on March 7, 2024
On March 7, 2024, BITF stock showed positive performance as it traded in the middle of its 52-week range and above its 200-day simple moving average. The price of BITF shares increased by $0.15 since the previous market close, representing a 6.02% rise. The stock closed at $2.64 on that day.
Trading in the middle of its 52-week range indicates that BITF has not reached its highest or lowest price levels over the past year, suggesting relative stability. Additionally, trading above its 200-day simple moving average is a bullish signal.
The 6.02% increase in BITF’s share price on March 7th is significant and may have been driven by positive news or market sentiment. Investors who bought BITF shares at the previous closing price of $2.64 would have seen a notable return on their investment in just one day.
Overall, BITF’s performance on March 7, 2024, was positive, with strong price momentum and trading above key technical indicators. Investors and analysts may continue to monitor BITF’s performance to see if this upward trend continues.
BITF Stock Performance Analysis: Revenue and Net Income Decline in Q3 2024
On March 7, 2024, investors in BITF stock may have been disappointed to see that the company’s total revenue had decreased by 15.97% since the previous year, with a total revenue of $142.43 million over the past 12 months. However, there was some relief in the fact that total revenue had held flat since the last quarter, coming in at $34.60 million for Q3.
The company’s net income also saw a significant decline, with a net loss of $239.05 million over the past year. This represents a decrease of 1180.21% since the previous year. However, there was a slight improvement in net income since the last quarter, with a net loss of $18.70 million for Q3, an increase of 24.87%.
Earnings per share (EPS) for BITF stock also took a hit, with a decrease of 980.93% since the previous year, coming in at -$1.15 for the past 12 months. However, there was a slight increase in EPS since the last quarter, with a value of -$0.07 for Q3, representing a 32.44% increase.
Overall, the performance of BITF stock on March 7, 2024, may have left investors feeling uncertain about the company’s future prospects. Investors will likely be keeping a close eye on the company’s financial performance in the coming quarters to see if there are any signs of improvement.
