Bitfarms Ltd. Common Stock (BITF)
Bitfarms Ltd. is a blockchain infrastructure company that operates cryptocurrency mining facilities. It focuses on mining digital assets such as Bitcoin using energy-efficient hardware, with operations primarily in North America. The company aims to leverage renewable energy sources to support sustainable cryptocurrency mining.
Company News
Law firm Bragar Eagel & Squire announced class action lawsuits against Bitfarms and Reddit, alleging false financial statements and misleading disclosures about business operations and user traffic.
Riot Platforms sold 2,462,458 common shares of Bitfarms, reducing its ownership from 10.29% to 9.85% through normal market trades at an average price of approximately US$1.05 per share.
The article discusses the impact of the tariff war on cryptocurrencies, with Bitcoin being more resilient than other cryptos due to its perceived role as an inflation hedge. It also highlights the potential opportunities in 'made-in-America' cryptocurrencies and the importance of understanding the location of Bitcoin mining operations.
Jefferies analysts have lowered their price targets for Marathon Digital (MARA) and Argo Blockchain (ARBK) due to the ongoing impact of the Bitcoin halving. The report highlights a 'modest recovery' in June but notes continuing challenges, including a shift by some miners towards high-performance computing and AI hosting.
Bitfarms (BITF) delivered earnings and revenue surprises of 33.33% and 0.39%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?
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