Bitfarms Review | Traders Union

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Bitfarms is an internationally recognized Bitcoin mining enterprise with operations spanning multiple regions worldwide. The company is dedicated to providing sustainable, energy-efficient mining solutions, harnessing renewable energy sources to minimize environmental impact while maintaining high levels of operational efficiency.

Bitfarms Review

This article explores Bitfarms role in Bitcoin mining, focusing on its global operations, sustainability efforts, financial performance, and investment opportunities. It also covers where to buy Bitfarms shares, its market position, and key factors influencing its growth.

Bitfarms Ltd. – сompany overview

Bitfarms Ltd. is one of the largest publicly traded Bitcoin mining companies, utilizing hydroelectric power for sustainable operations. Founded in 2017, the company is headquartered in Canada.

<span translate="no">Bitfarms</span> site

Bitfarms site

Bitfarms specializes in cryptocurrency mining, primarily focusing on Bitcoin. The company develops, owns, and operates vertically integrated mining farms equipped with in-house management and company-owned electrical engineering services. This structure enhances operational efficiency and ensures high uptime for their mining operations.

Region of operation

The company operates 12 data centers across four countries:

Canada. Eight facilities located in regions such as Cowansville, St. Hyacinthe, Magog, Farnham, and Baie-Comeau.
United States. Two facilities in Sharon, Pennsylvania, and Washington State.
Paraguay. Three facilities in Villarrica, Paso Pe, and Yguazu.
Argentina. One facility in Rio Cuarto.

These locations are strategically chosen to leverage low-cost and renewable energy sources, aligning with Bitfarms' commitment to sustainability.

Company’s main product

Bitfarms primary product is mined Bitcoin. The company focuses on maximizing hash rate efficiency while minimizing operational costs and environmental impact. As of the latest reports, Bitfarms has an operational capacity of 12.8 EH/s (exahashes per second) and holds approximately 1,118 BTC in reserve.

<span translate="no">BTC</span> held by Bitfarms

BTC held by Bitfarms

Bitfarms founder

Bitfarms was founded by Emiliano Grodzki, a visionary entrepreneur who played a key role in establishing the company’s energy-efficient mining strategy.

Emiliano Grodzki

Bitfarms history

Bitfarms was established in 2017. Main phases of development:

2017: Bitfarms was founded and began setting up its initial mining facilities in Canada.
2019: The company was listed on the Toronto Stock Exchange (TSX).
2021: Bitfarms uplisted to the NASDAQ, enhancing its visibility in the global market.
2023: The company expanded operations into Argentina, utilizing low-cost energy sources to power its mining activities.
2024: Bitfarms achieved a record operational capacity of 12.8 EH/s and continued its global expansion.

Interesting facts

Renewable energy leadership: Bitfarms uses over 99% renewable energy, reducing its carbon footprint.
Argentina expansion: the company’s mining farm in Argentina leverages one of the lowest electricity costs globally.
Record hash rate: Bitfarms achieved a record 5.6 EH/s (exahashes per second) in 2024, making it one of the most efficient miners globally.
Quote: “Our mission is to mine Bitcoin at the lowest possible cost with the smallest environmental footprint.” – Emiliano Grodzki, Founder.

Where you can buy shares/goods of the company

Bitfarms Ltd. (NASDAQ: BITF, TSX: BITF) is a publicly traded Bitcoin mining company with listings on both the NASDAQ Stock Market in the United States and the Toronto Stock Exchange (TSX) in Canada. Investors interested in purchasing Bitfarms shares can do so through various brokerage firms, both traditional and online.

BITF chart price

Stock exchanges where Bitfarms is listed

Bitfarms shares are traded on two major stock exchanges:

NASDAQ (BITF): The company is listed on the NASDAQ under the ticker symbol BITF, making it accessible to U.S. and international investors who trade on this exchange.
Toronto Stock Exchange (TSX) (BITF): As a Canadian-based company, Bitfarms is also listed on the TSX, allowing Canadian investors to buy shares in their domestic market.

How to buy Bitfarms shares

Investors can purchase Bitfarms shares through various brokerage platforms that provide access to NASDAQ and TSX-listed stocks. These include:

For U.S. and international investors:

E*TRADE – A popular brokerage offering access to NASDAQ-listed stocks, including BITF.
Robinhood – Allows commission-free stock trading, including Bitfarms shares.
Interactive Brokers – A global brokerage firm providing access to multiple stock markets, including NASDAQ and TSX.
Fidelity – One of the largest brokerage firms in the U.S., allowing investors to trade Bitfarms shares.
TD Ameritrade – Offers commission-free trading of NASDAQ-listed stocks.
Charles Schwab – Provides access to a wide range of stocks, including Bitfarms.

For canadian investors:

Questrade – A Canadian brokerage that allows the purchase of TSX and NASDAQ stocks.
Wealthsimple Trade – A commission-free trading platform in Canada that supports TSX stocks, including Bitfarms.
RBC Direct Investing – A service from the Royal Bank of Canada that offers access to both TSX and NASDAQ markets.
Scotia iTRADE – A brokerage platform by Scotiabank for trading TSX-listed stocks.
Interactive Brokers Canada – Offers trading on both Canadian and U.S. exchanges.

Steps to buy Bitfarms shares

Choose a brokerage. Select a brokerage that offers access to NASDAQ or TSX stocks.
Open a trading account. Complete the account registration and verification process.
Deposit funds. Transfer money into your brokerage account.
Search for Bitfarms (BITF). Locate the stock using the ticker symbol BITF on the chosen exchange.
Place an order. Choose between a market order (buy at the current price) or a limit order (buy at a specific price).
Confirm the purchase. Finalize the transaction and monitor your investment.

Beyond standard financial statements, consider the company's energy sourcing strategies

Investing in Bitfarms Ltd. (BITF) offers exposure to the cryptocurrency mining sector, but it's crucial to analyze deeper factors beyond basic financial metrics. Beyond standard financial statements, consider the company's energy sourcing strategies. Given that energy costs significantly impact mining profitability, understanding whether Bitfarms utilizes renewable energy or has fixed-rate agreements can provide insights into its long-term viability. Assess the geopolitical stability of the regions where Bitfarms operates its mining facilities, as local policies and energy regulations can affect operational efficiency.

Another often overlooked aspect is the technological adaptability of the company's mining equipment. Cryptocurrency mining is a rapidly evolving field, and the ability to upgrade to more efficient hardware can be a game-changer. Investigate Bitfarms investment in research and development or partnerships with tech providers to stay ahead in the mining arms race. Furthermore, consider the company's strategies for managing mined assets — do they hold cryptocurrencies to speculate on price increases, or do they liquidate promptly to manage cash flow? This approach can significantly influence the company's financial health and risk exposure.

Conclusion

Bitfarms stands out in the cryptocurrency mining industry with its eco-friendly practices, global expansion, and strong performance metrics. While challenges such as market volatility and regulatory risks remain, the company’s focus on innovation and sustainability positions it as a leader in the field.

FAQs

What makes Bitfarms unique?

Bitfarms use of over 99% renewable energy and its focus on energy-efficient operations make it a standout in the Bitcoin mining sector.

Where is Bitfarms located?

Bitfarms operates mining facilities in Canada, the U.S., Argentina, and Paraguay, strategically choosing regions with low-cost and renewable energy sources.

Can I invest in Bitfarms?

Yes, Bitfarms is publicly traded on the NASDAQ and the Toronto Stock Exchange, making it accessible to investors globally.

Is Bitfarms environmentally friendly?

Yes, Bitfarms is committed to sustainability and uses nearly 100% renewable energy for its mining operations.

Team that worked on the article

Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.

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Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

Limit order

A limit order is a type of order used in trading where an investor specifies a particular price at which they want to buy or sell a financial asset. The order will only be executed if the market price reaches or exceeds the specified limit price, ensuring that the trader gets the desired price or better when the trade is executed.

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Bitcoin

Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.

Volatility

Volatility refers to the degree of variation or fluctuation in the price or value of a financial asset, such as stocks, bonds, or cryptocurrencies, over a period of time. Higher volatility indicates that an asset's price is experiencing more significant and rapid price swings, while lower volatility suggests relatively stable and gradual price movements.

Investor

An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.