JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
In a stark reflection of the challenges facing the cryptocurrency mining sector, Bitfarms Ltd. (BITF) stock has tumbled to a 52-week low, touching a price of just $0.99. The company’s volatility is evident in its beta of 3.27, though it maintains a healthy current ratio of 3.7 and has achieved impressive revenue growth of 44% over the last twelve months. This latest price point underscores a tumultuous period for the company, which has seen its stock value erode by a staggering 53.7% over the past year. The significant drop in Bitfarms’ stock price is indicative of broader market trends that have seen investors shy away from riskier assets, particularly within the high-volatility crypto industry. As Bitfarms grapples with the implications of this downturn, stakeholders and market watchers alike are closely monitoring the company’s response to these challenging market conditions. According to InvestingPro analysis, the stock appears undervalued at current levels, with 12 key investment tips available for subscribers.
In other recent news, HIVE Digital Technologies Ltd. is set to acquire a 200 MW hydro-powered Bitcoin mining facility in Paraguay from Bitfarms Ltd., with the acquisition valued at $56 million. This move is expected to boost HIVE’s global Bitcoin mining hashrate from 6 EH/s to 25 EH/s by September 2025. The acquisition will be completed in two phases, with the first phase adding 6 EH/s by April 2025 and the second phase adding 6.5 EH/s by August 2025. Additionally, HIVE plans to energize a separate 100 MW project in Paraguay by June 2025, contributing 6.5 EH/s to its hashrate.
Meanwhile, Bitfarms Ltd. reported a 97% year-over-year increase in its hashrate, reaching 12.8 EH/s, along with a 40% improvement in efficiency. Throughout 2024, Bitfarms produced 2,914 bitcoins and expanded its operational capacity by 35% to 324 MW. The company is also set to acquire Stronghold Digital Mining, a move expected to enhance its energy portfolio in the U.S. market. Bitfarms ended December 2024 with a liquidity position of $147 million, including $60 million in cash, and generated a trading profit of approximately $18 million through its Synthetic HODL program.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.