Up Or Down? Bitfarms Ltd (OTCMKTS:BFARF) Mines 1Kth Bitcoin

Bitfarms Ltd (OTCMKTS:BFARF) is trading lower in the opening session despite the positive. 

Market Action

As of 9:49, BFARF stock went down 4.32% to $4.30. The stock has traded 260K shares, compared to its average volume of 1.39 million shares. After opening at $4.48, the stock has moved within a wide range of $4.2300 – 4.4800.

Bitfarms Mines 1,000th Bitcoin with Hydroelectricity This Year

  • ear-to-date, Bitfarms has mined and deposited in custody 1,006 Bitcoin, currently valued at approximately US$39 million, or approximately 5.5% of the Company’s market capitalization as of the close of trading yesterday, May 27, 2021. Bitfarms achieved this milestone a full 9 days ahead of the schedule reported on April 16, 2021.
  • Based on public information of other publicly traded cryptocurrency mining companies, Bitfarms has mined and accumulated one of the largest reported amount of Bitcoin from mining activities in North America, year-to-date; and has done so with 100% hydroelectricity.
  • Since starting its Bitcoin Inventory Pilot Program in early January, Bitfarms has quickly climbed the ranks of publicly traded companies with Bitcoin on their balance sheet and has now earned the 13th spot for publicly traded companies on bitcointreasuries.org.
  • With approximately 1% of the Bitcoin network, Bitfarms is currently mining and adding approximately 7.8 Bitcoins a day to inventory at a cost of approximately US$9,500 per Bitcoin as of May 27, 2021. This means that Bitfarms is both adding Bitcoin to its balance sheet at one of the fastest rates and with some of the lowest costs in the world.

“Since inception, we have worked at building a world-class and vertically-integrated mining company achieving high levels of efficiency. This year Bitfarms is experiencing our fastest rate of growth ever. We expect to more than double our installed hydropower infrastructure in Québec, triple our operational hashrate in 2021 and be trading on both the TSX Venture Exchange and Nasdaq soon,” said Emiliano Grodzki, Bitfarms’ Chief Executive Officer.

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