Bitfarms Ltd (OTCMKTS:BFARF) (CVE.BITF) continued to move higher from the recent fall . The stock has lost 19.5% over the past month.
Major Trigger:
Bitfarms Provides Corporate Update
Key Highlights:
- announced announced that it is scheduled to receive and deploy the previously announced 1,500 M31S+ order from MicroBT next week. These new miners are expected to increase the Company’s installed hashrate by 120 PH/s to a total of 1.54 EH/s, among the largest installed Bitcoin hashrates currently reported in North America by a public company.
- As with all the Company’s current mining infrastructure, the new miners will be powered with 100% hydroelectricity. Bitfarms is also scheduled to receive an identical order of 1,500 M31S+ from MicroBT in July that will increase our installed hashrate to approximately 1.66 EH/s.
- This new equipment will be installed in our existing infrastructure as well as our new Cowansville expansion set to be completed within the next four weeks.
- On May 7, 2021, Bitfarms announced its application to list its common shares on the Nasdaq Global Market® was approved by The Nasdaq Stock Market (“Nasdaq”) under the symbol “BITF”. The Company is pleased to announce that the final steps to listing on Nasdaq are expected to be completed shortly.
Market Reaction
On Thursday, BFARF stock ended higher by 4% at $4.42. Volume was light with more than 741K shares traded hands, compared to its average volume of 1.29 million shares. The stock opened at $4.43 and moved within a range of $4.2800 – 4.4999.
