Bitcoin Miner Rallies On More Than Just BTC Appreciation

Bitcoin Miner Rallies On More Than Just BTC Appreciation

By: Tomas Ronolski - 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.

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