Bitfarms Stock Is Rising Tuesday: What's Going On?
Portfolio Pulse from Adam Eckert
Bitfarms Ltd (NASDAQ:BITF), a Bitcoin miner, saw its stock price rise after announcing the purchase of 35,888 Bitmain T21 miners for delivery and installation in the first half of 2024. The company has secured liquidity for the purchase and an option for an additional 28,000 miners. The upgrade is part of a strategy to reach 17 EH/s by H2 2024, with hardware secured for 21 EH/s. A conference call to discuss the fleet upgrade plans is scheduled for Tuesday at 8:30 a.m. ET. Bitfarms shares were up 16% Tuesday morning at $1.23.
November 28, 2023 | 1:45 pm
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POSITIVE IMPACT
Bitfarms Ltd announced the acquisition of new mining equipment and has sufficient liquidity for the purchase, with a strategy to significantly increase its hash rate by 2024.
The stock price increase is directly related to the announcement of the new mining equipment purchase, which is expected to enhance the company's mining capabilities and future profitability. The positive market reaction reflects investor confidence in the company's growth strategy and financial stability.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100