|Over a week ago|
Bitfarms says hashrate exceeds 4 EH/s milestone » 07:2109/1909/19/22
Bitfarms hashrate exceeded the 4 exahash per second milestone as it commenced production at the first of two 50-megawatt warehouses under development in Argentina. The initial start-up adds 10 MW of capacity, increasing total corporate capacity to 176 MW. Throughout the remainder of Q3 2022 and during Q4 2022, the Company plans to light up additional 10 MW increments with a goal of the entire 50 MW being energized by December 31, 2022. In 2021, Bitfarms contracted with a private power company in Argentina to supply up to 210 MW to Bitfarms for warehouses being developed beside and on the same property as the generating facilities. For the first four-years, electrical costs are calculated based on a formula in which the cost of power is based on a combination of market-based pricing and at a base rate of US 2.2 cents per kilowatt. Following an initial start-up period and based on current foreign currency exchange rates and natural gas prices in Argentina, the cost of the power in Rio Cuarto is expected to be the lowest in Bitfarms portfolio, creating a significant advantage. Currently, Bitfarms operations in Argentina employs 28 team members, which is expected to increase as production is added.
Crypto Currents: Exclusive talk with bitcoin miner White Rock Management » 09:4009/0209/02/22
WULF, SDIG, ANY, RIOT, MSTR, MARA, HUT, GREE, BRPHF, CORZ, COIN, CLSK, CAN, NILE, BITF, BTBT, BKKT, APLD, $DOGE, $LTC, $ETH, BTC, BITCOIN, $BTC
In this edition of…
Bitfarms provides August 2022 production and mining operations update » 07:2009/0109/01/22
Bitfarms provided a…
Bitfarms provided a Bitcoin production and mining operations update for August 2022. "The initial segment of our first 50-megawatt warehouse in Rio Cuarto, Argentina, is nearing production and will be a key contributor to achieving our goal to deliver 4.2 exahash per second or EH/s, by September 30," said Geoff Morphy, President and COO of Bitfarms. "More specifically, the first 10 MW of this warehouse is planned to be energized and start production ahead of schedule later this month, with capacity being added incrementally throughout Q4 2022. Construction at our second 50 MW warehouse in Rio Cuarto is scheduled to commence in September and expected to be completed around the beginning of Q2 2023." In August, we averaged over 17 BTC per day, ending the month with total production of 534 BTC, up 7% from 500 BTC in July," said Ben Gagnon, Chief Mining Officer of Bitfarms. "Our hashrate grew to 3.9 EH/s, up 1% from the beginning of August, and we averaged 3.8 EH/s for the month."The construction and renovation work at our farms in Sherbrooke continues on schedule. Once 12 MW are completed at Phase 3 of The Bunker and 18 MW are completed at Garlock, we will have fully built out our 96 MW contract in Sherbrooke and will be retiring our older 18 MW de la Pointe facility," added Gagnon.
|Over a month ago|
Bitfarms price target lowered to $5 from $7 at H.C. Wainwright » 08:5008/1608/16/22
H.C. Wainwright analyst…
H.C. Wainwright analyst Kevin Dede lowered the firm's price target on Bitfarms to $5 from $7 and keeps a Buy rating on the shares after the company posted June quarter results, stating that the "stand-out in the quarter" was the progress Bitfarms made in building facilities and deploying miners. Hash rate expansion plans are progressing according to schedule, which Dede calls "an encouraging sign" that leaves him believing Bitfarms is positioned to meet goals this year, but his price target was lowered on account of mining economics.
Bitfarms provides expansion plan update » 07:1108/1508/15/22
Bitfarms' infrastructure construction contracts are projected to provide 4.2 EH/s as of September 30, 2022 and 6.0 EH/s as of December 31, 2022.The Company already has 1.2 EH/s of miners contracted for 2023 for its Argentinian warehouses.
Bitfarms defers $39M in capex spending from 4Q22 into 2023 » 07:1108/1508/15/22
"By deleveraging our…
"By deleveraging our balance sheet and increasing financial flexibility, we are better positioned to execute our growth initiatives to drive market share gains and increased production," said Jeff Lucas, CFO of Bitfarms. "As careful stewards of capital, to better align with our capacity expansion, we amended our miner delivery schedule to match our deployment plan. Thus, we optimized resources, deferring $39 million in capex spending from the fourth quarter of 2022 into 2023." At June 30, 2022, the Company held $46 million in cash and 3,144 BTC valued at approximately $62 million based upon the June 30, 2022 BTC price of approximately $19,800.
Bitfarms reports Q2 EPS (70c) vs. (2c) last year » 07:0908/1508/15/22
Reports Q2 revenue $42M…
Reports Q2 revenue $42M vs. $36.7M last year. During second quarter 2022, Bitfarms mined 1,257 bitcoin. "In second quarter 2022, we generated positive cash flow from our operations with Adjusted EBITDA of $19 million, even with the downturn in the BTC price. Entering the second half of 2022, we are focused on executing our growth and maximizing our profitability," said Geoff Morphy, Bitfarms' President and COO. "Delivering strong operational growth, we increased our corporate hashrate by 33% from the beginning of the quarter and by 157% from a year ago to 3.6 exahash per second at June 30, 2022. Having brought online phase 2 of The Bunker buildout, we added further gains in our market share, which is now approaching 2% of the BTC network, a Bitfarms' record. This has resulted in robust production of over 17 BTC/day at July 31, 2022. Productivity, as measured by BTC per average EH/s, reached 135 in July, among the best in the industry. For our existing production, we continue to benefit from low-cost hydropower, sophisticated proprietary mining management software, and in-house repair capabilities, which together maximize miner uptime. Overall, we are building on this strong foundation for long-term success and expanding our existing geographically diversified operations. By bringing online our first warehouse in Argentina and phase 3 of The Bunker buildout, we are targeting 4.2 EH/s and 6.0 EH/s by the end of third quarter and year-end 2022, respectively," added Morphy.
Largest borrow rate increases among liquid names » 08:4508/0908/09/22
SIRI, HYMC, NNOX, ANY, CLNN, BGFV, MSTR, BMY, NVS, BITF
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Sirius XM (SIRI) 30.79% +12.63, Hycroft Mining Holding Corp (HYMC) 8.92% +1.11, Nano X Imaging (NNOX) 19.07% +0.40, Sphere 3D (ANY) 16.90% +0.30, Clene (CLNN) 104.53% +0.27, Big 5 Sporting (BGFV) 11.78% +0.17, MicroStrategy (MSTR) 9.27% +0.17, Bristol Myers Squibb (BMY) 0.41% +0.16, Novartis (NVS) 0.41% +0.13, and Bitfarms (BITF) 7.48% +0.12.
Bitfarms mines 500 bitcoin in July » 07:1708/0108/01/22
Bitfarms provided a…
Bitfarms provided a Bitcoin production and mining operations update for July 2022. "In July we completed The Bunker Phase 2, reached full production at Leger, and added new production in Washington state, increasing total capacity by 21% to 166 megawatts," said Ben Gagnon, Chief Mining Officer of Bitfarms. "We partially offset new miner installations at this location with miner redeployments resulting in growth in our hashrate to 3.8 exahash, up 6% from 3.6 EH/s at the beginning of July. Unseasonably high temperatures in Quebec and Washington state late in the month also slightly lowered miner productivity and affected our corporate hashrate. With cooler temperatures and the completion of remaining miner redeployments, as well as the installation of new miners, we expect our hashrate will exceed our 4 EH/s target in August." Mining Production: 3.8 EH/s online as of July 31, 2022, 270% from July 2021 and 6% from June 30, 2022. 500 new BTC mined during July 2022, up 28% from July 2021, and up 19% from June 2022. 16.1 BTC mined daily on average in July, equivalent to about US$384,279 per day and approximately US$12 million for the month based on a BTC price of US$23,900 on July 31, 2022
Bitfarms completes Phase 2 at Bunker location » 07:2907/2807/28/22
Bitfarms completed the…
Bitfarms completed the second phase of its expansion of The Bunker, providing an additional 18 megawatts of capacity and boosting the Company's corporate hashrate by 200 petahash per second to a total of 3.8 exahash per second. This brings Bitfarms' current production above 16 bitcoin per day. Under Phase 2 of The Bunker expansion, miner installations are in the process of completion and, to date, 9,450 miners have been installed. Together with Phase 1, which first became operational in March 2022, this location is presently operating at 36 MW and yielding 848 PH/s. Phase 3 of The Bunker build-out, representing an additional 12 MW, is underway. This phase is planned to hold another 3,250 miners and produce approximately 325 PH/s with completion expected later this year. In Washington state, Bitfarms continues to benefit from low-cost hydropower and stable electricity rates. The added 3 MW facility brings total production from our Washington state farms to 20 MW. With low-cost electricity and a completely upgraded fleet of miners, the Washington facilities have the lowest production cost in our global portfolio.