Bitfarms Ltd (NAS:BITF)
$ 1.61 -0.01 (-0.62%) Market Cap: 761.20 Mil Enterprise Value: 639.61 Mil PE Ratio: 0 PB Ratio: 1.52 GF Score: 74/100
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Q3 2024 Bitfarms Ltd Earnings Call Transcript

Nov 13, 2024 / 01:00 PM GMT
Release Date Price: $2.27 (-15.80%)

Key Points

Positve
  • Bitfarms Ltd (BITF) successfully upgraded 10 data centers and added three new ones, significantly increasing their hash rate by 83% to 11.9 X A hash.
  • The company improved its efficiency by 40%, reaching its year-end efficiency goal three months ahead of schedule.
  • Bitfarms Ltd (BITF) announced the acquisition of Stronghold Digital Mining, marking the largest acquisition in the Bitcoin mining sector between two public companies.
  • The company has a strategic growth plan to expand its megawatt pipeline from 324 megawatts to 950 by the end of 2025, with potential growth up to 1.6 gigawatts.
  • Bitfarms Ltd (BITF) is diversifying its portfolio beyond Bitcoin mining, exploring high-growth areas such as hosting, HPC, AI, and energy generation.
Negative
  • Bitfarms Ltd (BITF) experienced minor construction delays and shipping issues, impacting their ability to meet the mid-year hash rate target.
  • The company reported a net loss of $37 million for Q3, an increase from the previous quarter's loss of $27 million.
  • General and administrative expenses increased significantly due to one-time non-recurring costs, including settlement expenses and acquisition-related costs.
  • The company's operating loss increased to $44 million, driven by non-cash depreciation expenses and other factors.
  • Bitfarms Ltd (BITF) had to adjust its year-end hash rate target to the first half of 2025 due to delays in miner shipments and warranty servicing.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BITF.TO - Bitfarms Ltd
Q3 2024 Bitfarms Ltd Earnings Call
Nov 13, 2024 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Bit Farms third quarter, 2024 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session instructions will be given at that time.

As a reminder, this call may be recorded.

I would like to turn the call over to Tracy Krumme, Senior Vice President of Investor Relations and corporate communications. Please go ahead.

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Unidentified_2 [2]
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Thank you. Good morning, everyone and welcome to Bitfarms third quarter, 2024. Conference call with
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