Shares Rise as Company Installs Large Fleet of Air-Cooled Miners

Toronto, Canada – January 4, 2023

Bitfarms, a leading bitcoin mining company, has announced its plans to expand its hashrate in the first half of next year. This news has resulted in a significant rally in Bitfarms’ shares, with a 14% increase to C$2.24 in Toronto trading. The stock has already seen a remarkable 300% growth this year. On the Nasdaq exchange, the shares are up 18% at $1.68.

Bitfarms has reported a strong performance in November, despite the increase in network difficulty due to the addition of more miners coming online in the anticipation of the 2024 “halving.” The halving is a protocol adjustment that aims to regulate the creation of new bitcoins by reducing the mining reward by half.

To prepare for the halving, Bitfarms has placed an order for 35,888 high-performance Bitmain T21 miners. These miners are scheduled to be delivered from March to May and will significantly boost the company’s mining capabilities.

Although Bitfarms’ production slightly decreased by 1.5% in November compared to the previous month, its hashrate, which measures the computing power used by the network for processing transactions, increased by 2%.

Leave a Reply

  +  27  =  33