Bitcoin Mining Stock Bitfarms Is Trading Higher: What's Going On?
Portfolio Pulse from Adam Eckert
Bitfarms Ltd (NASDAQ:BITF) shares are trading higher after the company announced the purchase of land for a new 100 MW production facility in Yguazu, Paraguay. The facility, expected to be completed in the second half of 2024, aims to support Bitfarms' goal of achieving a corporate hashrate of 21 EH/s by the end of 2024. The project will utilize low-cost renewable hydropower, with over 85% of Bitfarms' portfolio to be powered by green energy. The company anticipates that the new facility will improve hashrate, energy efficiency, and cost per Bitcoin, positioning Bitfarms to benefit from potential Bitcoin price increases and the upcoming Halving event. Bitfarms shares were up 4.46% at $2.11 at the time of writing.
January 24, 2024 | 2:25 pm
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Bitfarms Ltd's stock is experiencing an uptick following the announcement of a land purchase for a new mining facility in Paraguay, which is expected to enhance operational efficiency and sustainability.
The positive reaction in Bitfarms' stock price is likely due to investor optimism about the company's expansion and upgrade plans, which are expected to improve mining efficiency and sustainability. The focus on renewable energy sources aligns with growing investor interest in environmentally responsible operations, which could further bolster the stock's appeal.
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