It’s good news for Bitfarms (TSE:BITF) (NASDAQ:BITF) investors, as the cryptocurrency mining company looks to capitalize on the upward surge in cryptocurrency prices. And with an upcoming halving on the horizon for Bitcoin (BTC-USD), it’s no surprise miners are picking up steam. Bitfarms added modestly to its share price in Friday afternoon’s trading.
The halving, for those not familiar, is a process by which the value of a solved equation produces less Bitcoin than ever before. Half as much as previously seen, in fact. This halving takes place roughly every four years and will happen until 2140 when there are no more Bitcoins to be had, and all 21 million Bitcoins are on the market.
So, in order to continue producing Bitcoin, computers will basically have to work twice as hard to produce the same result, and Bitfarms is preparing to do just that. Given that Bitfarms already produced fewer Bitcoin in February than in January—300 instead of 357—there was clearly a call for more processing power.
Further Updates to Follow
This update was, undoubtedly, welcome. But it won’t stop here, as Bitfarms is poised to release its full-year 2023 results this coming Thursday. It’s also stepping up its involvement in other regions. It’s about to fire up a 100-megawatt hydro-power operation in Paraguay that will produce “…three exahash/second,” which will propel Bitfarms that much closer to its ultimate goal of 17 exahash by the second half of 2024. Further, by the end of 2024, it hopes to reach 21 exahash per second, which will certainly give it a lot of upward momentum in producing Bitcoin.
Is Bitfarms Stock a Good Buy?
A look at the last month in trading for BITF stock shows shares moving upward, though not without some volatility. Currently, shares are up 31.33% on the month, though shares have briefly flirted with the C$5 mark.
