Bitfarms, a Bitcoin mining company, retains analyst support from H.C. Wainwright & Co., despite delays in its 2024 expansion plans.
Bitfarms' Financial Highlights
According to the report, Bitfarms showed positive third-quarter results with an 8% increase in revenue to $44.9 million. However, the company announced a delay in achieving its hash rate goal of 21 exahashes per second from late 2024 to early 2025. The company also withdrew its 2025 projection of 35 EH/s, citing logistical challenges. Currently, Bitfarms operates at a hash rate of 11.9 EH/s.
Recent Upgrades and Improvements
Despite the challenges, Bitfarms made significant upgrades by replacing 50,000 older machines with more efficient models across ten data centers. This enhanced the company's hash rate capacity by 83% this year and improved fleet efficiency by 40%, achieving 21 joules per terahash.
Future Prospects and Forecasts
Bitfarms is exploring opportunities beyond Bitcoin mining, including high-performance computing and AI operations. Recent site acquisitions in Pennsylvania position the company for further growth in the U.S. Analysts raised their revenue forecast for 2024 to $190.7 million but lowered their 2025 estimate to $388.9 million, anticipating a slower hash rate expansion. Nonetheless, analysts remain confident in Bitfarms’ long-term position, with a $4 stock price target.
Bitfarms continues to modernize and expand despite challenges, remaining a key player in the cryptocurrency mining industry.
