Bitfarms shares up 22% following Q2 results report

Canadian Bitcoin mining firm Bitfarms announced in its Q2 financial results that it is on track to meet a target of 21 EH/s in 2024.

Shares of Bitcoin mining company Bitfarms rose more than 20% on the evening of August 8 after it released Q2 financial results that showed a narrower net loss and stronger revenue than analysts had forecast.

The Toronto-based firm said in its report that Q2 revenue was $42 million, down 16% from the previous quarter but up 17% year-on-year. Bitfarms attributed the quarterly decline to a drop in block rewards following the Bitcoin halving event in early April.

The company’s net loss came to $27 million, or $0.07 per basic and diluted share, which was 36.3% better than analysts had previously estimated. Bitfarms’ BITF shares responded positively to the news, rising 22% to $2.30, according to Google Finance data, giving the company a market value of $983.8 million.

Bitfarms has escaped takeover attempt for now

During Q2, Bitfarms sold 515 (BTC) at an average price of $65,500. At the same time, the Canadian crypto miner added 111 BTC to its treasury, bringing its total reserves to 1,016 BTC as of the end of July.

Bitfarms also reiterated that its Special Committee “unanimously decided to continue executing Bitfarms’ strategic plan as an independent public company,” but added that the board and management team “remain open to examining any opportunities that could add value to shareholders.”

Earlier in April, Riot Platforms offered to acquire Bitfarms for $950 million, but Riot later withdrew its offer, stating that it was unable to engage with Bitfarms’ current board of directors regarding a potential merger.

Newly appointed CEO of Bitfarms, Ben Gagnon, highlighted the company’s progress, stating that the firm has taken “significant steps” to position itself for “accelerated growth and efficiency gains” in the second half of the year and into 2025. He emphasized that Bitfarms is on track to reach its 2024 target of 21 EH/s, supported by new facility agreements.