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Bitfarms Ltd (NASDAQ:BITF) shares are trading higher. The company on Monday released a production and operations update for March.
What Happened: Bitfarms said it mined 286 bitcoin in March, down from 300 bitcoin mined in February and down from 424 bitcoin mined in March 2023. The company also sold 284 bitcoin last month for total proceeds of $19.2 million.
Bitfarms said it had 6.5 EH/s online as of March 31, up 35% on a year-over-year basis. The company is targeting 21 EH/s by the end of the year. Total bitcoin held increased to 806 in March.
The company said it exercised its previously announced purchase option for 28,000 Bitmain T21 miners and purchased an additional 19,280 Bitmain T21 miners along with 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners last month.
“Having confirmed the tremendous performance of our T21 miners currently running, and with Bitcoin prices reaching all-time highs, we acted quickly to secure these miners at attractive prices in advance of anticipated hardware price increases,” said Geoff Morphy, president and CEO of Bitfarms.
“Together, with our 35,888 Bitmain T21 purchases and farm expansions announced in November, these new 87,796 miners are sufficient to reach 21 EH/s by year-end, with greater operating efficiency.”
By now you're likely curious about how to participate in the market for Bitfarms – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Bitfarms, which is trading at $2.28 as of publishing time, $100 would buy you 43.86 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
BITF Price Action: Bitfarms shares were up 1.79% at $2.28 at the time of publication, according to Benzinga Pro.
Photo: Miloslav Hamřík from Pixabay.
Posted In: BITF
