DENVER, Colo., 08 August, 2024 (247marketnews.com) – (Nasdaq:BITF) are discussed in this article.
Bitfarms Ltd. saw its stock price rise sharply today, opening at $1.97 and currently sitting at $2.27, reflecting a significant 20.58% increase. The previous session’s close was $1.885, marking an overall upward trend supported by high trading volumes of 16.1 million shares, signaling robust investor interest. Investors are advised to monitor key resistance levels near $2.30 and support around $1.90 for potential breakout or pullback signals as sustained volume and positive price momentum could further reinforce bullish sentiment.
In financial performance, Bitfarms Ltd. reported strong progress for Q2 2024, demonstrating resilience and strategic growth amid challenging market conditions. The company achieved revenue of $42 million, representing a 16% decline from the previous quarter but a 17% increase year-over-year, highlighting its robust long-term growth strategy. The gross mining margin stood at 51%, down from 64% in Q1 2024 but up from 48% in Q2 2023.
Bitfarms made significant strides in enhancing its mining capabilities, with a current hashrate of 11.1 EH/s, up from 6.5 EH/s in Q1 2024, accompanied by an improved efficiency score of 25 watts/terahash (w/TH), marking a 26% improvement from the previous quarter. The company is on track to meet its 2024 guidance of 21 EH/s and 21 w/TH, underscoring its effective operational planning.
Additionally, Bitfarms expanded its megawatt (MW) capacity by 220 MW, bringing the total to 648 MW, supporting its ambitious 2025 target of exceeding 35 EH/s. This capacity increase positions the company to capitalize on future growth opportunities within the cryptocurrency mining industry.
The conclusion of its strategic alternatives review process by Bitfarms’ Special Committee further sets a clear pathway for sustained growth and innovation. Bitfarms Ltd.’s Q2 2024 results and proactive expansion efforts offer a promising outlook, reinforcing its commitment to leading the cryptocurrency mining sector through strategic investments and enhanced efficiencies. Investors can anticipate ongoing growth and improved performance as Bitfarms navigates the evolving digital assets landscape.
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