Bitfarms Q1 2024 Earnings: Is The Worst Over? (Rating Downgrade)


  • Driven largely by $19 million in accelerated depreciation of older machines, Bitfarms reported a $23.7 million operating loss in the first quarter of 2022.
  • BITF has aggressive expansion plans and is guiding to triple the current level of exahash per second by the end of the year.
  • While there is $124 million in balance sheet liquidity and no debt, unit economics of the underlying business will deteriorate in the next report.
  • Bitfarms is looking for its 3rd CEO in two years, with the latest departure seeking $27 million in damages for claimed breach of contract and wrongful dismissal.

Seen from behind woman with laptop and bitcoin halving screen

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When I last covered Bitfarms (NASDAQ:BITF) (TSX:BITF:CA) for Seeking Alpha in late-October, I noted the company’s mining efficiency, growth plans, and debt reduction. In the months following that note, BITF rallied roughly 200% from those late-October levels. While

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