Bitfarms: A Bidding War Could Be Brewing


  • Bitfarms has shown improved revenue and margins in Q1 2024, with a 67% YoY increase in revenue and a 50% increase in adjusted EBITDA.
  • The company aims to triple its hashrate, increase operating capacity, and improve fleet efficiency by the end of 2024.
  • Bitfarms has drawn the attention of mining giant Riot, which has proposed a takeover bid, but Bitfarms has rejected the initial offer.

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Beyond the core operational hashrate power and ability to win blocks, every miner strives to maintain its strong points and unique operational strategies to differentiate itself and maintain attractiveness to investors. Miners like Marathon Digital (MARA) and

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BITF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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