Company Committed to Maximizing Value for All Shareholders; Strategic Alternatives Process Underway Reaffirms Confidence in Business and Guidance of 21 EH/s and 21 w/TH in 2024 This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023. TORONTO, Ontario and BROSSARD, Québec, May 29, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF) ("Bitfarms" or the "Company"), ...

For investors who missed the meme stock rally of 2021, there seems to be another opportunity that's brewing. Some of the popular meme stocks have surged in the recent past. It's an indication of the point that the markets are warming-up for another round of euphoria. From a fundamental perspective, there is one factor that can act as a catalyst for a big meme stock rally. The fed is likely to initiate rate cuts in the second half of 2024 as GDP growth decelerates. Of course, the idea is to spur consumption ...

Group 1 - Proactive Investors provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, cryptocurrency, and emerging technologies [3] - Proactive has a presence in key financial hubs such as London, New York, Toronto, Vancouver, Sydney, and Perth, focusing on medium and small-cap markets as well as blue-chip companies [2][3] Group 2 - The company utilizes technology to enhance workflows and has adopted automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [4]

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $50 million, representing a 67% increase year-over-year and a 9% increase from Q4 2023 [42][56] - Adjusted EBITDA increased by 50% to $21 million compared to Q4 2023, with a cash profitability per Bitcoin of $22,700, nearly double the previous quarter's $11,200 [67] - The company held cash of $66 million and Bitcoin valued at $58 million, totaling $124 million in liquidity, up from $118 million at the end of 2023 [14] Business Line Data and Key Metrics Changes - The company mined 943 Bitcoin in Q1 2024, down from 1,236 Bitcoin in the prior quarter, primarily due to a 21% increase in average network difficulty [56] - Gross mining profit was $29 million, or 59% of mining revenue, compared to $23 million or 52% in the previous quarter [56] Market Data and Key Metrics Changes - The average Bitcoin price increased by 44% in Q1 2024 compared to Q4 2023, contributing to revenue growth [56] - The company is on track to achieve a hash rate of 21 exahash per second by the end of 2024, a 223% increase from the current level [30][45] Company Strategy and Development Direction - The company is focused on a transformative fleet upgrade, aiming for significant improvements in energy efficiency and hash rate growth [30][41] - The strategic plan includes expanding operations in Paraguay, leveraging low-cost hydropower, and enhancing energy efficiency [52][60] - The company emphasizes a vertically integrated approach to Bitcoin mining, aiming to maximize returns and shareholder value [31][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets despite the recent CEO transition, stating that operational plans remain unaffected [23][28] - The anticipated tax refund of $24 million will support growth initiatives, further strengthening the company's financial position [42][66] - Management highlighted the importance of timing in miner investments, noting that past purchases during favorable market conditions yielded high returns [43][44] Other Important Information - The company is debt-free as of March 31, 2024, and has sufficient liquidity to fund all necessary miners to reach its hash rate target [16][55] - The company is exploring expansion opportunities in the U.S. and other jurisdictions while maintaining a focus on cost-effective power sources [85][86] Q&A Session Summary Question: How should we think about the use of the ATM over the balance of this year? - Management indicated they plan to judiciously use the ATM, projecting a potential raise of $50 million or slightly more while being careful in capital management [9][68] Question: What is the expected cash flow from operations? - Management projected excess cash flow from operations to be between $6 million to $10 million monthly, influenced by Bitcoin prices [10] Question: Can you provide more color on potential expansion opportunities in the U.S.? - Management confirmed they are evaluating multiple deals for cost-effective megawatts in the U.S. and believe there are good opportunities for expansion [85][86] Question: Will the company continue to sell the majority of its Bitcoin production? - Management anticipates some increases in their HODL strategy, utilizing a Synthetic HODL approach to balance capital needs and exposure to Bitcoin price increases [80] Question: How does the company view the economic landscape in Argentina for future expansion? - Management acknowledged Argentina's low energy costs but indicated a cautious approach due to political and economic uncertainties, focusing on Paraguay for immediate growth [99][101]

2 Stifel European NDR NICOLAS BONTA Co-Founder, Chairman and Interim CEO #8 Performing stock on Nasdaq in 2023!* * Full year 2023. Source: Bloomberg As of April 1, 2024 This presentation contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") that are based on expectations, estimates and projections as at the date of this presentation and are covered by safe harbors under Canadian and U.S. securities laws. The information in this presentat ...

Bitfarms Ltd. (BITF) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.06, delivering a surprise of -50%. Over the last four quarters, the company has surpassed ...

BITFARMS LTD. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars, except data relating to number of PPE, shares, warrants, options and digital assets - unaudited) 8 Page These Financial Statements do not include all the information required for full annual financial statements and should be read in conjunction with the audited annual consolidated financial statements of the Company and the notes thereto for the year ended December 31, 2023. 9 Page NOTE 3 ...

Key Points The cryptocurrency mining sector was once a symbol of booming growth and rapid innovation, but it now faces a series of daunting challenges. Rising energy costs are squeezing profit margins, and recently, the Bitcoin halving event cut the rewards to mining companies in half. These headwinds are forcing many miners to reevaluate their business models and seek new avenues for sustainable growth. Despite this industry shakeup, a powerful new business model is emerging, poised to redefine the future ...

TORONTO and BROSSARD, Québec, May 13, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (TSX:BITF), a global vertically integrated Bitcoin mining company, announces that it will report first quarter results on Wednesday, May 15, 2024, before the market opens. As a result, the conference call has been rescheduled for the same day at 8:00 am ET. A presentation of the Q1 2024 results will be accessible before the call on the Investor website and can be accessed here. Participants may join by calling 877-545-0523 (domesti ...

TORONTO and BROSSARD, Québec, May 13, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, announces that it will report first quarter results on Wednesday, May 15, 2024, before the market opens. As a result, the conference call has been rescheduled for the same day at 8:00 am ET. A presentation of the Q1 2024 results will be accessible before the call on the Investor website and can be accessed here. Participants may join by calling 877-545-0523 ...