Bitcoin Miner Rallies On More Than Just BTC Appreciation

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, April 11, 2023

On top of Bitcoin crossing over the $30,000 mark overnight, a Toronto-based bitcoin mining company is seeing some premarket buying pressure after the company announced it has entered into agreements to acquire 22 MW of hydro power capacity and to lease a site in Baie-Comeau, Quebec.

Traders were extremely excited about this event as shares of Bitfarms Ltd trading on Nasdaq (Nasdaq:BITF) (TSX:BITF) are currently bid up at $1.02/share (+6.25% implied open for sellers) at the time of writing. This move will be a strong continuation of the success this stock has had over the last month.

Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service, and onsite technical repair. The company's proprietary data analytics system delivers best-in-class operational performance and accelerated uptime. Bitfarms has 10 mining facilities in production around the world, which are housed in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using renewable, locally based, and often underutilized energy infrastructure.

Copyright © 2023 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.