The acquisition, priced at US$14/TH for the T21 miners and US$17.50/TH for the S21 variants, comes as the company prepares for what it anticipates to be a bullish market for Bitcoin. Geoff Morphy, President and CEO of Bitfarms, stated that securing these miners is a strategic move aimed at rapidly improving the company’s operating metrics, including hashrate, energy efficiency, and operating costs per terahash.
The newly acquired miners are expected to be delivered within the year and are projected to enable Bitfarms to achieve a target hashrate of 21 EH/s in 2024. The company also plans to liquidate its older miners to offset the cost of the new equipment.
Bitfarms, founded in 2017, operates 11 Bitcoin mining facilities across Canada, the United States, Paraguay, and Argentina, with two additional sites under development. The company is known for its commitment to sustainability, primarily using hydroelectric power and long-term power contracts to minimize its environmental footprint.
This news is based on a press release statement from Bitfarms Ltd.
As Bitfarms Ltd. (NASDAQ/TSX: BITF) gears up for a bullish Bitcoin market with its recent expansion in mining operations, investors are closely monitoring the company’s financial health and market performance. According to recent data from InvestingPro, Bitfarms holds a market capitalization of 807.81 million USD. Despite the company’s aggressive growth strategy, it is important to note that Bitfarms has been trading with a negative price-to-earnings (P/E) ratio of -9.64 for the last twelve months as of Q4 2023, which highlights the company’s current lack of profitability.
InvestingPro Tips reveal that Bitfarms has experienced strong returns over the last year, with a 276.06% price total return. This performance is complemented by a large price uptick over the last six months, boasting a 142.73% return. However, the company does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income.
Additional insights from InvestingPro indicate that Bitfarms has a high EBITDA valuation multiple and is trading at a price/book ratio of 3.07. These metrics suggest that the stock may be valued richly relative to its book value and earnings before interest, taxes, depreciation, and amortization. For investors looking for more in-depth analysis and tips, there are 11 additional InvestingPro Tips available for Bitfarms at https://www.investing.com/pro/BITF. To access these tips and further enrich your investment strategy, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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Source: Cryptocurrency - investing.com
