Bitfarms Ltd. (BITF) is an international Bitcoin self-mining firm. It utilizes onsite technical repair, exclusive data analytics along vertically integrated mining programs to bring high operational performance and uptime. The company has five industrial-level localities and each locality is driven 99% with eco-friendly hydropower.
The price of BITF stock during the regular trading on February 4, 2022, was $3.81 with a 12.06% increase. At last check in the premarket on February 7, 2022, the stock further rocketed by 7.61%.
BITF: CEO Comments
On February 01, 2022, BITF updated about its Bitcoin production and mining programs for January 2022. Speaking at the occasion, Emiliano Grodzki, CEO of BITF stated that in January 2022 manufacture of 301 bitcoins showed a strong year-over-year incline of 51%. He further added that by bringing the company’s operations to Paraguay, the company expanded its aim of achieving 3 exahash per second by Q1 2022.
BITF: Events and Happenings
BITF announced on January 04, 2022, that its Executive management participated at the 24th Annual Needham Growth Virtual Conference on January 14, 2022. On December 31, 2021, BITF secured with Galaxy Digital LLC, a $100 million credit facility. On November 29, 2021, BITF updated about its Executive management’s presence at the B. Riley Securities Crypto Conference on December 8, 2021.
BITF: Key Financials
On November 15, 2021, BITF released its financial results for the quarter that ended September 30, 2021. Some of the focal points are as follows.
Revenue
Total revenues in the quarter were recorded to be $44.8 million compared to $6.7 million in the same period of 2020. The company observed a $37.9 million or 559% increase in revenue over the year. The company missed the estimated revenue by $1.83 million.
EPS
Diluted net income per share in Q3 2021 was reported to be $23.7 million, or $0.13 versus a net loss of $4.7 million, or $0.06 in the same period of 2020. The company missed the estimated EPS by -$0.13.
Conclusion
BITF stock is 18% up the past year and 42% down the past six months. The current hike in stock price is the result of uncertain factors as there is no recent SEC filing or event scheduled on the company’s calendar. As the company is approaching its quarterly revenue date, the analysts are expecting a $62.6 million revenue and $0.13 EPS from the company.
