STOCKS TELEGRAPH

Tag: BITF

  • Bitfarms Ltd. (BITF) stock Further Down Premarket as Cyrpto Market Continues to Crash Down

    Continuing bearish momentum, Bitfarms Ltd. (BITF) shares fell by a further 7.38% in the premarket today, May 9, 2022. At the time of writing, the stock was trading at a price of $2.51 per share while it closed the prior session at $2.71. Friday’s regular session had registered a decline of 4.58% in the stock.

    Source: Moneycontrol

    Most mining stocks have been going down since last week as the cryptocurrency market continues to crash amid the ongoing market instability. There is no recent news from the company besides its April 2022 production and mining update and the company is set to report Q1 2022 earnings on May 16, 2022.

    Crypto Market Crash Down

    While the earlier Fed’s reports of a half percentage point increase in interest rates gave a sigh of relief to crypto prices, they have been going down since. The panic over inflation and fears of potential recession have been harsh on the crypto market, making it crash down.

    On Friday, Bitcoin declined by over 2.58% while Ethereum slid by 3.70%. Continuing the bearish sentiment, Bitcoin price has decreased by 2.25% in the past 24 hours while Ethereum by 3.41%. Moreover, in the past seven days, the overall Bitcoin price has shrunk by 13.64% and Ethereum declined by 14.15%. Sharing a similar fate are Binance, XRP, Solana, Cardano, Terra, and even the meme coin Dogecoin.

    Almost every top 10 crypto price has declined in the past 24 hours as the global crypto market cap crashed down by 2.28% to $1.54 trillion. Currently, the fear and greed index for crypto is at “extreme fear”.

    BITF and Mining Stocks

    Given the crash down of the crypto market, crypto-related stocks like BITF. COIN, RIOT, etc., all have also been trading lower since last week. As all the major crypto prices continue to see a pullback amid the overall market weakness, mining and crypto-related stocks have also continued their decline.

    Bifarms which provides computing power to cryptocurrency networks like Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, is also plunging down with the downfall of the crypto market.

    What to Expect?

    The current technical conditions are implying steep corrections for both Bitcoin and Ethereum. But given the high volatility in the crypto market, the suggestion might as well be invalidated. If both Bitcoin and Ethereum sliced through their respective support levels, the chances of a downswing are huge. Both the top cryptos are currently at risk of capitulation while there is a slight chance of recovery based on the high volatility, however, the market instability indicates a pessimistic future.

    Conclusion

    If the crypto market continues its bearish sentiment, it is very likely that crypto-related stocks including BITF will also incur further losses.

  • Bitfarms Ltd. (BITF) Stock Soaring in Premarket Despite any Visible Reason.

    Bitfarms Ltd. (BITF) Stock Soaring in Premarket Despite any Visible Reason.

    Bitfarms Ltd. (BITF) is an international Bitcoin self-mining firm. It utilizes onsite technical repair, exclusive data analytics along vertically integrated mining programs to bring high operational performance and uptime. The company has five industrial-level localities and each locality is driven 99% with eco-friendly hydropower.

    The price of BITF stock during the regular trading on February 4, 2022, was $3.81 with a 12.06% increase. At last check in the premarket on February 7, 2022, the stock further rocketed by 7.61%.

    BITF: CEO Comments

    On February 01, 2022, BITF updated about its Bitcoin production and mining programs for January 2022. Speaking at the occasion, Emiliano Grodzki, CEO of BITF stated that in January 2022 manufacture of 301 bitcoins showed a strong year-over-year incline of 51%. He further added that by bringing the company’s operations to Paraguay, the company expanded its aim of achieving 3 exahash per second by Q1 2022.

    BITF: Events and Happenings

    BITF announced on January 04, 2022, that its Executive management participated at the 24th Annual Needham Growth Virtual Conference on January 14, 2022. On December 31, 2021, BITF secured with Galaxy Digital LLC, a $100 million credit facility. On November 29, 2021, BITF updated about its Executive management’s presence at the B. Riley Securities Crypto Conference on December 8, 2021.

    BITF: Key Financials

    On November 15, 2021, BITF released its financial results for the quarter that ended September 30, 2021. Some of the focal points are as follows.

    Revenue

    Total revenues in the quarter were recorded to be $44.8 million compared to $6.7 million in the same period of 2020. The company observed a $37.9 million or 559% increase in revenue over the year. The company missed the estimated revenue by $1.83 million.

    EPS

    Diluted net income per share in Q3 2021 was reported to be $23.7 million, or $0.13 versus a net loss of $4.7 million, or $0.06 in the same period of 2020. The company missed the estimated EPS by -$0.13.

    Conclusion

    BITF stock is 18% up the past year and 42% down the past six months. The current hike in stock price is the result of uncertain factors as there is no recent SEC filing or event scheduled on the company’s calendar. As the company is approaching its quarterly revenue date, the analysts are expecting a $62.6 million revenue and $0.13 EPS from the company.