Why Bitfarms Stock Jumped as Much as 16.5% Today
Shares of crypto-mining veteran Bitfarms (NASDAQ: BITF) closed Monday's trading session 9% higher, after rising as much as 16.5% in the early afternoon. The Toronto-based company reported its second-quarter results before the opening bell. The numbers were rough but the report could have been worse.
Analysts expected a net profit of $0.05 per share on revenue near $48.3 million. Instead, Bitfarm reported sales of $41.8 million and a net loss of $0.70 per diluted share. Falling Bitcoin (CRYPTO: BTC) prices in the first half of 2022 undermined Bitfarm's operating model.
At the same time, the company's Bitcoin mining activity clocked in at 1,257 freshly minted Bitcoins, up from 500 coins in the year-ago quarter. Production costs per Bitcoin increased by 10%. And Bitfarm continues to ramp up its mining efforts, doubling its production volume in one Quebec facility and moving closer to opening two new sites in Argentina. The company clearly hasn't given up on the idea of higher Bitcoin prices in the future.
Source Fool.com
