Don't Bet The Farm On Bitfarms [Seeking Alpha]
Bitfarms Ltd. (BITF)
Company Research
Source: Seeking Alpha
While the Company's stock price rose dramatically in 2023, unlike Bitcoin, it has not fully recovered from its 90+% decline during the most recent crypto bear market. Bitfarms generated a material net loss in 2023, and the Company is dependent on raising capital in the capital markets in order to fund operations. Introduction While I am bullish on Bitcoin ( BTC-USD Bitcoin "), I am increasingly cautious on several crypto miners, including Bitfarms Ltd. ( NASDAQ: BITF TSX: BITF:CA Bitfarms " or the " Company "). In particular, I am cautious on Bitfarms for several reasons: First, the Company's stock soared in 2023 and, in my view, a pause, consolidation or pullback is more likely than a repeat of 2023's stellar performance. Second, the Bitcoin halving expected to occur in April (the " Halving Event ") will cause Bitcoin's mining rewards to decrease from 6.25 BTC to 3.125 BTC, and likely result in a lower hash rate, making it more difficult for the miners to generate revenue.
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BITF
News
- Bitfarms Schedules First Quarter 2024 Conference Call on May 13, 2024 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Bitfarms Schedules First Quarter 2024 Conference Call on May 13, 2024GlobeNewswire
- Bitfarms Ltd. (NASDAQ: BITF) is now covered by analysts at Northland Securities. They set an "outperform" rating and a $4.00 price target on the stock.MarketBeat
- How a Jack Dorsey-backed bitcoin miner uses a volcano in Kenya to turn on the lights in rural homes [CNBC]CNBC
- CANADA STOCKS-TSX climbs as investors shake off Middle East jitters [Yahoo! Finance]Yahoo! Finance
BITF
Sec Filings
- 4/26/24 - Form 6-K
- 4/22/24 - Form S-8
- 4/17/24 - Form 6-K
- BITF's page on the SEC website