Why Bitfarms Stock Rallied by 10% Today

Shares of cryptocurrency mining operation Bitfarms (NASDAQ: BITF) were up 10.2% today as of 1 p.m. ET. Investors were pleased with the company's financial results for the fourth quarter of 2021, which showed a big jump in revenue from Bitcoin (CRYPTO: BTC) mining.

A cryptocurrency mining rig. Image source: Getty Images.

Bitfarms reported that it mined 1,045 Bitcoin tokens during the fourth quarter of 2021, resulting in revenue of $59.6 million. The average cost per token mined (which factors in the costs for electricity consumed and cloud-computing hosting) was $8,000. This compares to the 1,051 tokens mined in the third quarter of 2021 for revenue of $44.8 million and an average cost per token of $6,900.

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Source Fool.com