Bitfarms Shares Jump as Company Prepares for Bitcoin Halving

By Robb M. Stewart

Bitfarms' shares rallied after the bitcoin mining company said it was ready to grow its hashrate in the first half next year as it installs one of the largest fleets of air-cooled miners currently made.

In Friday trading, the shares were 14% higher at C$2.24 in Toronto, with the advance so far this year now at 300%. On the Nasdaq exchange, the stock was ahead 18% at $1.68.

Bitfarms said it delivered a solid performance in November in the face of network difficulty increases from more miners coming online going into the 2024 "halving" and in anticipation of the halving, an adjustment to bitcoin's protocol designed to control the creation of new coins and which cuts in half the mining reward.

The company said that in anticipation of the halving, it placed a firm order for 35,888 high-performance Bitmain T21 miners that are scheduled for deliveries from March to May.

Bitfarms' production in November was down 1.5% from the month before but its hashrate, a measure of how much computing power is being used by a network to process transactions, increased 2%.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

December 01, 2023 11:59 ET (16:59 GMT)

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