Bitfarms Ltd. BITF

Bitfarms Ltd. (NASDAQ: BITF, TSX: BITF) is a leading global Bitcoin mining company known for its efficient and sustainable operations. With a diversified portfolio of 12 high-performance mining facilities across Canada, the United States, Argentina, and Paraguay, Bitfarms leverages low-cost, hydroelectric power to achieve industry-leading efficiency and profitability. As of July 2024, Bitfarms operates a total hashrate of 11.1 EH/s, with plans to more than double this to 21 EH/s by the end of 2024, and further expand to 35 EH/s by the end of 2025. Bitfarms is committed to operational excellence, employing cutting-edge technology and strategic geographical diversification to optimize performance and reduce costs. The company''s aggressive growth plan includes significant fleet upgrades, expansion into new markets, and a strong focus on improving energy efficiency. Bitfarms reported a robust financial performance in Q1 2024, with $50 million in revenue, a 59% gross mining margin, and $21 million in adjusted EBITDA. With a strong balance sheet, including $124 million in total liquidity and no debt, Bitfarms is well-positioned to continue its rapid expansion and maintain its leadership in the Bitcoin mining industry, while also exploring new opportunities in high-performance computing (HPC) and AI.

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