Bitfarms initiated with bullish view at B. Riley, here’s why

B. Riley initiated coverage of Bitfarms with a Buy rating and $4 price target. Bitfarms is a bitcoin mining company operating in four countries with a current hash rate of 6.4 EH/s and 240 MW of operational capacity across its sites, the analyst tells investors in a research note. With a near-term hash rate target of 12.0 EH/s by June 2024, Bitfarms’ growth plans “are both timely and accretive,” the analyst tells investors in a research note. The firm views the company as a competitive player with a low-cost footprint, little financial leverage, and a growth profile that improves fleet efficiency into and beyond the halving.