Bitcoin Miner Bitfarms Stock In Spotlight After Firm Reveals November Production Report: Retail Sentiment Improves
By Stocktwits Inc | First Published Dec 2, 2024, 7:40 PM ISTBitfarms said that November mining operations generated 204 BTC compared to 236 BTC in October, marking a 12% decline.
Shares of Bitcoin ($BTC.X) miner Bitfarms ($BITF) were in focus on Monday morning after the firm announced its November production report.
Bitfarms said that November mining operations generated 204 BTC compared to 236 BTC in October, marking a 12% decline. The company achieved an average operating hash rate of 10.7 EH/s compared to 10.6 EH/s in October.
Latest Videos
Of the 204 BTC, Bitfarms sold 171 as part of the company’s regular treasury management practice for total proceeds of $14.6 million and added 33 BTC to Treasury.
During the month, the firm also upgraded nearly 19,000 T21 miners to S21 Pro miners with delivery anticipated in December and January. These newer, more efficient miners will support an almost 10% improvement from current efficiency in the first half of 2025.
Meanwhile, Bitfarms also conducted its Special Meeting of shareholders on Nov. 20 and received shareholder approval for expanding its board of directors from five to six members and for appointing Andrew J. Chang as an Independent Director.
The board now comprises six members, five of whom are independent, it said. Bitfarms and RIOT Platforms ($RIOT) had earlier reached an agreement under which Bitfarms co-founder Andrés Finkielsztain stepped down from the board.
Following the updates, retail sentiment on Stocktwits inched up into the ‘neutral’ territory from ‘bearish’ a day ago.
One Stocktwits user expects the stock has a huge upside potential.
Meanwhile, Bitfarms also announced that its Chief Infrastructure Officer Benoit Gobeil resigned from the company effective at the end of November. Gobeil played a key role in scaling Bitfarms data center facilities across North and Latin America, the firm acknowledged.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.