Bitcoin Mining Stock Bitfarms Is Trading Higher: What's Going On?

Bitfarms Ltd BITF shares are trading higher Wednesday. The company announced new land purchases in support of its fleet upgrade plans.

What To Know: Bitfarms said it completed the purchase of land for its new 100 MW production facility in Yguazu, Paraguay.

The Yguazu project is expected to be completed in the second half of 2024. The project will be designed to help provide sufficient infrastructure to achieve a corporate hashrate of 21 EH/s by the end of 2024.

“This transaction, an important step in our recently announced transformative fleet upgrade, expands our LATAM portfolio with low-cost renewable hydropower,” said Geoff Morphy, president and CEO of Bitfarms.

“The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity … Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.”

Bitfarms expects the new facility to deliver meaningful improvements in hashrate, energy efficiency and cost per Bitcoin BTC/USD. The company said it’s positioning itself to capture upside from rising Bitcoin prices as it prepares for the upcoming Halving event.

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BITF Price Action: Bitfarms shares were up 4.46% at $2.11 at the time of writing, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.