It’s not quite the heady days of 2021 for crypto-miners like Bitfarms (Bitfarms Stock Quote, Chart, News, Analysts, Financials TSX:BITF) but it is some welcome relief for its shareholders.
Shares of BITF on the TSX are spiking today, up 13.9 per cent to $4.51 just minutes into the open.
What’s driving the share price? Bitcoin’s rise, of course, and the fact the company is seeing little slowdown in its ability to produce them.
“In November, we delivered solid performance in the face of network difficulty increases from more miners coming on-line going into the 2024 halving and, in anticipation of the halving, we initiated our 2024 transformative fleet upgrade plan,” CEO Geoff Morphy said at the beginning of December. “We placed a firm purchase order for 35,888 high-performance Bitmain T21 miners, which are scheduled for deliveries from March, 2024, to May, 2024. Deploying these new miners at seven of…
