Bitfarms Ltd. (BITF) stock bounced back in the after-hours to gain 3.80% at $6.28 on December 06. Intraday trading, the stock went down by 3.20% to close at $6.05 with 10.92 million shares exchanging. This rebound in the stock can be attributed to stock sentiments and positive hopes of recovery in bitcoin prices by the year’s end.
Currently, the global bitcoin self-mining company, Bitfarms Ltd. (BITF) has a market capital of 1.17 billion with 187.23 million outstanding shares in the market.
What is Going on with BITF?
The rising threat of the Omicron variant along with inflation has caused the global cryptocurrency market to crash. The fall of major cryptocurrencies like Bitcoin and Ethereum also led meme coins like Dogecoin on a downtrend.
While the major reason for this downtrend in the crypto market is investors’ opting for safer investment options in these uncertain times, market corrections also is a reason. As, bitcoin gained over 60% in the period between September-November, reaching its all-time-high (ATH) of $69,000. Hence, this led the currency to enter market corrections due to profit-booking.
Due to the uncertain situation in the crypto market, BITF stock lost over 23% in the past five trading sessions alone. Moreover, the stock has gone down by 25.77% in the past month, while it has gained 218.42% year to date. The stock seems to be rebounding as hopes for bitcoin reclaiming its ATH by the year-end, emerge.
Monthly Production and Operations Update
On December 01, Bitfarms Ltd. (BITF) posted its monthly production and operations updates for November 2021. During the month of November, BITF mined 339 new BTC and achieved 2.1 EH/s. Moreover, on average over 11 BTC were mined daily, resulting in US$649,000 per day, according to BTC price on November 30.
Further, BITF received 400 MicroBT M30S miners and 3,588 Bitmain S19j miners during November, with a further 702 Bitmain S19j Pro scheduled for December.
BITF Q3 Earnings
On November 15, the company declared its financial results for the third quarter of 2021. In the third quarter of 2021, BITF’s total revenue was $44.8 million, increasing 22% from the previous quarter.
Moreover, the company produced a net income of $23.7 million in the third quarter of 2021, against a net loss of $3.7 million in the previous quarter. Consequently, the net income per diluted share was $0.13 compared to the net loss per basic share of $0.02 in Q2 2021.
