Short interest for Bitfarms gives investors a sense of the degree to which investors are betting on the decline of Bitfarms's stock. Short interest data is updated every two weeks.

Bitfarms Stock (NASDAQ:BITF), Short Interest Report

Bitfarms

Bitfarms Ltd engaged in the cryptocurrency Mining industry mainly consists of selling its computational power used for hashing calculations for cryptocurrency mining in multiple jurisdictions. Its geographic operations are currently located in Canada, the United States, Argentina, and Paraguay. It owns and operates server farms comprised of computers designed to validate transactions on the Bitcoin Blockchain.

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Toronto-based Bitcoin (CRYPTO: BTC) mining firm Bitfarms (NASDAQ: BITF) fired CEO Geoffrey Morphy on Monday, effective immediately, after he filed a lawsuit against the company claiming $27 million in damages for breac

Bitcoin Mining Firm Bitfarms Fires CEO Amid $27 Million Damages Lawsuit

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Bitcoin (CRYPTO: BTC), although recovering from Saturday’s lows, settled in the red on Monday, as it pulled back below the $63,500 mark.

Peter Schiff Challenges Bitcoin&#39;s $100K Prediction As Crypto-Linked Stocks Languish In Bear Zone: &#39;Sell Your Fool&#39;s Gold And Buy The Real Thing&#39;

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<p>The Biden administration is implementing new tariffs on Chinese imports, targeting sectors like electric vehicles, batteries, and semiconductors, aiming to safeguard U.S. jobs&nbsp;prior to&nbsp;the November election.&nbsp;</p>
<p>Lael Brainard, the White House national economic adviser, emphasized the importance of these actions to prevent unfair competition from China and protect domestic industries.&nbsp;</p>
<p>The tariffs, affecting $18 billion worth of Chinese products, focus on strategic areas such as aluminum, steel, and critical minerals, reported the&nbsp;<a target="_blank" href="https://www.ft.com/content/972cabfb-f587-4cb3-ab21-ec3380b049da" rel="noreferrer noopener">Financial Times</a>.</p>
<p>The tariff adjustments include quadrupling rates on Chinese electric vehicles to 100%, nearly tripling rates on steel and aluminum imports, and doubling rates on Chinese semiconductors by 2025. Tariffs on solar cells will also double this year to 50%.</p>
<p>Biden administration denied any political motives, citing efforts to bolster key sectors prioritized in legislation like the Chips Act and Inflation Reduction Act.</p>
<p>Greta Peisch, formerly with the Office of the U.S. Trade Representative, highlighted the importance of tariff adjustments to ensure the competitiveness of U.S. companies in the evolving electric vehicle and battery market.&nbsp;</p>
<p>The move follows a review of tariffs initiated during the Trump administration&#8217;s trade war with China, with&nbsp;U.S. officials&nbsp;opting&nbsp;to maintain most of the existing tariffs.&nbsp;</p>
<p>Despite assertions of non-political intent, the timing coincides with Biden&#8217;s efforts to shore up support among union workers, particularly in critical industrial states like Pennsylvania and Michigan.</p>
<p>While denying a direct connection to the election, officials highlight the importance of safeguarding U.S. industries against unfair trade practices.&nbsp;</p>
<p>China, already facing scrutiny from the European Commission over EV imports, perceives the tariffs as attempts to stifle its economic growth.</p>
<p><strong><em>Disclaimer</em></strong><em>: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</em></p>
<p><em>Photo by Tatiana Popova and rawf8 via Shuttterstock</em></p>


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Biden Targets Chinese Imports With Huge Tariff Hikes Ahead of Election

<p>Did you know you can bake beautiful, tasty cakes even without an oven? It doesn't matter whether you don't have an oven or just don't want to use one, don't let that stop you from carving that beautiful cake. Whether it's for a birthday or an anniversary or you're just feeling like it, cakes make every occasion special.</p>
<p>The best part is that you only need the right ingredients and some creativity to bake cakes without an oven. Here's how.</p>
<p><strong>1. Stovetop Steaming</strong></p>
<p><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045641/Cake-1-1024x585.jpg" alt="" class="wp-image-333622" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045641/Cake-1-1024x585.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045641/Cake-1-300x171.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045641/Cake-1-768x439.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045641/Cake-1-1536x878.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045641/Cake-1.jpg 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em>Representational image of stovetop steaming &#x7C; Image generated using Dall-E</em></figcaption></figure></p>
<p>Stovetop steaming is a good alternative to an oven, and the best part is you don't need much to get started. Just get a large pot, a steaming rack, and a cover and you have the tools you need to begin baking.</p>
<p>Now, pour some water into the pot, place the dish on the rack, and wait for the steam to cook the cake.</p>
<p><strong>2. Slow Cooker Magic</strong></p>
<p><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045709/Cake-2-1024x585.jpg" alt="" class="wp-image-333624" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045709/Cake-2-1024x585.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045709/Cake-2-300x171.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045709/Cake-2-768x439.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045709/Cake-2-1536x878.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045709/Cake-2.jpg 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em>Representational image of slow cooker &#x7C; Image generated using Dall-E</em></figcaption></figure></p>
<p>You can also use a slow cooker to cook cakes, especially denser cakes such as a cheesecake or a carrot cake. All you need to do is grease the slow cooker and then pour the cake batter into it. Then, set it at low and wait for a few hours.</p>
<p><strong>3. Sand Bath Baking</strong></p>
<p><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045725/Cake-3-1024x585.jpg" alt="" class="wp-image-333625" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045725/Cake-3-1024x585.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045725/Cake-3-300x171.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045725/Cake-3-768x439.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045725/Cake-3-1536x878.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045725/Cake-3.jpg 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em>Representational image of sand bath baking &#x7C; Image generated using Dall-E</em></figcaption></figure></p>
<p>You can also cook a cake with just a pot and some sand. All you need to do is fill a large pot with sand, fill the batter in a cake tin, place it on top of the sand, and cover the pot with a lid. The sand will evenly distribute the heat, acting as an oven.</p>
<p><strong>4. Pressure Cookers</strong></p>
<p><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045749/Cake-4-1024x585.jpg" alt="" class="wp-image-333626" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045749/Cake-4-1024x585.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045749/Cake-4-300x171.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045749/Cake-4-768x439.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045749/Cake-4-1536x878.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045749/Cake-4.jpg 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em>Representational image of baking a cake using a pressure cooker &#x7C; Image generated using Dall-E</em></figcaption></figure></p>
<p>If you have a pressure cooker at home, you can also use that to bake a cake. Remove the whistle from the pressure cooker and place the cake pan inside the pressure cooker using a stand. Then, cover the cooker and turn the heat to medium for about 30 minutes.</p>
<p><strong>5. Skillet Sizzle</strong></p>
<p><figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045832/Cake-5-1024x585.jpg" alt="" class="wp-image-333627" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045832/Cake-5-1024x585.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045832/Cake-5-300x171.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045832/Cake-5-768x439.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045832/Cake-5-1536x878.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/11045832/Cake-5.jpg 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption"><em>Representational image of baking a cake using a skillet &#x7C; Image generated using Dall-E</em></figcaption></figure></p>
<p>If all you have is a skillet, you can still bake smaller and flatter cakes like pancakes. For this, all you have to do is grease the skillet and pour the batter over it. Once you have poured the batter, cover it with a lid and cook over low flame. You can flip it after a while so that both sides are cooked properly.</p>
<p><em>Image Via Shutterstock</em></p>


Global

General

No Oven? No Problem! 5 Ways To Bake Delicious Cakes Without An Oven

Earnings

Xilio Therapeutics Q1 2024 GAAP EPS $(0.62) Compared To $(0.83) A Year Ago

WIIM

HOOD

Robinhood Markets shares are trading higher. Roaring Kitty's return may prompt retail investors to use the platform at a higher volume.

Alta Global Group Acquires Hype, An All-In-One Digital Marketing Platform, To Assist In Reaching 640 Million MMA Fans

Health Care

CALT

Calliditas' Partner Everest Medicines Starts Commercial Launch Of Nefecon In China

<p>Home improvement retailer&nbsp;<strong>Home Depot Inc</strong>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) reported a first-quarter FY24 sales decline of 2.3% year-on-year to $36.418 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38809402/the-home-depot-announces-first-quarter-fiscal-2024-results-reaffirms-fiscal-2024-guidance" rel="noreferrer noopener">missing the analyst consensus estimate of $36.672 billion</a>.</p>
<p>Customer transactions for the quarter fell 1%. Comparable sales decreased 2.8%, and comparable sales in the U.S. dropped 3.2%.</p>
<p>Gross profit fell 1% Y/Y to $12.4 billion. The operating margin was 13.9%, and operating income for the quarter dropped 8.5% to $5.08 billion.</p>
<p>The operating expenses increased 5% Y/Y to $7.4 billion. EPS of $3.63&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the consensus estimate of $3.59.</a></p>
<p>The average ticket in the first quarter was $90.68, a 1.3% decrease, and sales per retail square foot declined 3.4% to $572.69.</p>
<p>The company held $4.3 billion in cash and equivalents as of April 28, 2024. Net cash provided by operating activities for three months totaled $5.5 billion.</p>
<p>&#8220;And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement,&#8221; said Chairman, President and CEO Ted Decker.</p>
<p><strong>Outlook Reiterated</strong>: Home Depot sees FY24 EPS of $15.26 versus an estimate of $15.32. HD forecasts FY24 sales of $154.196 billion against an estimate of $154.39 billion.</p>
<p><strong>Price Action</strong>: HD shares are trading higher by 0.60% at $343.00 in premarket at the last check Tuesday.</p>
<p><em>Photo via Shutterstock</em></p>


Guidance

Spring Chill: Home Depot's Q1 Numbers Dip, But CEO Ted Decker Sees Sunshine Ahead

<p>Piper Sandler  analyst Alexander Potter   maintains Aspen Aerogels (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASPN#NYSE">ASPN</a>) with a Overweight and raises the price target from $29 to $30.</p>


Price Target

Analyst Ratings

ASPN

Piper Sandler Maintains Overweight on Aspen Aerogels, Raises Price Target to $30

<div>Q1&nbsp;ending cash balance expected to be sufficient to fund operations through the end of the year.&nbsp;</div>


LUNR

Intuitive Machines Expects FY24 Revenue Of $200M-$240M, Est $267.925M

Biotech

GANX

Gain Therapeutics' Q1 Cash, Cash Equivalent And Marketable Securities Were $12.7M, With Cash Runway Guidance Into 2025

<p>BMO Capital  analyst James Thalacker   maintains CMS Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</a>) with a Outperform and raises the price target from $68 to $71.</p>


BMO Capital Maintains Outperform on CMS Energy, Raises Price Target to $71

<p>Alimera Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALIM#NASDAQ">ALIM</a>) reported quarterly losses of $(0.12) per share which missed the analyst consensus estimate of $(0.06) by 100 percent. This is a 83.1 percent increase over losses of $(0.71) per share from the same period last year.  The company reported quarterly sales of $23.01 million which beat the analyst consensus estimate of $22.25 million by 3.42 percent.  This is a 69.87 percent increase over sales of $13.55 million the same period last year.</p>


Earnings Beats

Earnings Misses

ALIM

Alimera Sciences Q1 EPS $(0.12) Misses $(0.06) Estimate, Sales $23.01M Beat $22.25M Estimate

PLRX

Pliant Therapeutics Announces Positive Topline Data From A Phase 2a Collagen PET Imaging Clinical Trial Of Bexotegrast In Patients With Idiopathic Pulmonary Fibrosis

<p>HC Wainwright &amp; Co.  analyst Douglas Tsao   reiterates Theravance Biopharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TBPH#NASDAQ">TBPH</a>) with a Buy and maintains $20 price target.</p>


Reiteration

TBPH

HC Wainwright & Co. Reiterates Buy on Theravance Biopharma, Maintains $20 Price Target

Financing

Offerings

SCPX

Scorpius Holdings Priced Its Underwritten Public Offering Of 60M Common Units And/Or Pre-funded Units At $0.10 Per Unit For Gross Proceeds Of Approximately $6M

<p>MiNK Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INKT#NASDAQ">INKT</a>) reported quarterly losses of $(0.11) per share which beat the analyst consensus estimate of $(0.15) by 26.67 percent. This is a 35.29 percent increase over losses of $(0.17) per share from the same period last year.</p>


INKT

MiNK Therapeutics Q1 2024 GAAP EPS $(0.11) Beats $(0.15) Estimate

<p>Intuitive Machines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>) reported quarterly sales of $73.068 million which beat the analyst consensus estimate of $55.900 million by 30.71 percent.  This is a 300.68 percent increase over sales of $18.236 million the same period last year.</p>


Intuitive Machines Q1 Sales $73.068M Beat $55.900M Estimate

SAIA

Batteh Named Saia's Chief Financial Officer

SolarWinds Unveils Enhanced Database Performance Analyzer With Advanced PostgreSQL Support

<p>HC Wainwright &amp; Co.  analyst Joseph Pantginis   reiterates Capricor Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAPR#NASDAQ">CAPR</a>) with a Buy and maintains $40 price target.</p>


CAPR

HC Wainwright & Co. Reiterates Buy on Capricor Therapeutics, Maintains $40 Price Target

Biggest stock movers today: Crypto stocks, MPW, LAZR, and more

<p><a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a></p>
<p>Over the last few weeks, <strong>Bitcoin</strong> (<a href="https://investorplace.com/cryptocurrency/btc-usd/"><strong>BTC-USD</strong></a>) plummeted from a high of $71.618 to a recent low of $56.814. Diving along with it were some of the top crypto mining stocks.&nbsp;</p>



<p>All thanks to profit-taking, Bitcoin ETF outflows, and vulnerability to the outlook for interest rates, which appears to have cooled with the Federal Reserve&rsquo;s announcement on Wednesday. However, with a good deal of negativity priced in, investors may want to consider buying the dip in Bitcoin, and in BTC mining stocks.</p>



<p>Even better,&nbsp;<a href="https://www.coindesk.com/markets/2024/04/19/bitcoin-whales-bought-12b-btc-amid-the-price-dip-fueling-the-quick-rebound/">as noted by Coin Desk</a>, &ldquo;Bitcoin whales may have finally started buying the dip,&rdquo; IntoTheBlock&nbsp;said&nbsp;in an X post. &ldquo;Historically, accumulations by these addresses have often preceded rises in bitcoin&rsquo;s price.&rdquo;</p>



<p>Technically, Bitcoin has also become oversold on RSI, MACD, and Williams&rsquo; %R. In fact, each time BTC has become this oversold with those indicators, it bounces back shortly after. If you pull up a two-year chart of BTC, you can see that&rsquo;s happened multiple times. Better, the BTC miners tend to go along for the ride.</p>



<p>With recent weakness, I&rsquo;d take full advantage of the dip in crypto mining stocks.</p>



<h2>Crypto Mining Stocks: <strong>Marathon Digital (MARA)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/mara1600-2-300x169.png" alt="In this photo illustration, the Marathon Digital Holdings (MARA) logo seen displayed on a smartphone screen"><div>Source: rafapress / Shutterstock.com</div></div><p>After pulling back to support at around $16,&nbsp;<strong>Marathon Digital</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/mara-stock-quote/"><strong>MARA</strong></a>) is starting to pivot higher with Bitcoin. From its last traded price of $17.07, I&rsquo;d initially like to see it retest $24.</p>



<p>While we&rsquo;ll learn more about what&rsquo;s happening with earnings on May 9, we do know the company just produced another 894 Bitcoin in March, as compared to the 825 produced a year earlier. In addition, we know that in 2023, it produced 12,852 Bitcoin, a 210% jump from a year earlier. Revenues were up 229% for the year to $387.5 million year-over-year (<span>YOY</span>).&nbsp;</p>



<p>Net income also jumped to $261.2 million, or $1.06 per diluted share from a year earlier loss of $6.94, or $6.12 per diluted share. Adjusted EBITDA came in at $419.9 million from a 2022 loss of $543.3 million.</p>



<p>&ldquo;2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance,&rdquo;&nbsp;<a href="https://ir.mara.com/news-events/press-releases/detail/1345/marathon-digital-holdings-reports-fourth-quarter-and-fiscal">said Fred Thiel</a>, Marathon&rsquo;s chairman and CEO.</p>




<p>&ldquo;In 2023, we grew our hash rate 253% to 24.7 exahash; we improved our fleet efficiency 21% to 24.5 joules per terahash; and, we increased our Bitcoin mining portfolio to over 900 megawatts of total capacity, diversified across 11 different sites on three continents.&rdquo;</p>




<h2><strong>Riot Platforms (RIOT)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/03/riot1600-1-300x169.png" alt="Person holding cellphone with website of U.S. Bitcoin mining company Riot Platforms Inc. on screen with logo. Focus on center of phone display. Unmodified photo."><div>Source: T. Schneider/ Shutterstock.com</div></div><p>Recent weakness in crypto mining stocks, like&nbsp;<strong>Riot Platforms</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/riot-stock-quote/"><strong>RIOT</strong></a>) is also a buying opportunity.</p>



<p>Riot just posted a record net income of $211 million for its first quarter. Total revenue came in at $79.3 million from $73.2 million YOY. It produced 1,364 BTC in the quarter, which was down about 36% YOY.&nbsp;</p>



<p>It also saw Bitcoin mining revenue of $74.6 million in the quarter, as compared to the $48 million YOY.&nbsp;</p>



<p><a href="https://markets.businessinsider.com/news/stocks/riot-platforms-reports-first-quarter-2024-financial-results-current-operational-and-financial-highlights-1033312648">CEO Jason Les said</a>:</p>




<p>&ldquo;This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter.&rdquo;&nbsp;</p>




<p>From its current price of $10.30, I&rsquo;d like to see it initially retest resistance at around $13.</p>



<h2>Crypto Mining Stocks: <strong>Hut 8 Mining (HUT)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/01/hut1600-300x169.png" alt="In this photo illustration the Hut 8 Mining logo seen displayed on a smartphone screen"><div>Source: rafapress / Shutterstock.com</div></div><p><strong>Hut 8 Mining</strong>&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/hut-stock-quote/"><strong>HUT</strong></a>) is attractive on its latest pullback to support at $8.16. From here, I&rsquo;d like to see HUT initially retest $12. Helping, analysts at Benchmark just initiated a buy rating on the stock, noting that its merger with U.S. Bitcoin Corp. &ldquo;features a diversified business model with multiple revenue streams,&rdquo;&nbsp;<a href="https://seekingalpha.com/news/4091940-hut-8-gets-buy-rating-as-benchmark-feels-good-about-post-merger-outlook">as noted by Seeking Alpha</a>.</p>



<p>Plus, with new CEO Asher Genoot, the company is working to rebuild shareholder trust. &ldquo;Asher Genoot replaced Jaime Leverton who resigned on February 8, after allegations of legal issues in relation to the merger between Hut 8 and US Bitcoin Corp causing the shareholders to file a lawsuit against the company,&rdquo;&nbsp;<a href="https://seekingalpha.com/article/4688525-hut-8-a-cryptocurrency-stock-with-high-growth-potential">as also noted by Seeking Alpha</a>.</p>



<p>In addition, institutions have been buying HUT, too. BlackRock, for example, increased its position by 73,570 shares,&nbsp;<a href="https://hedgefollow.com/stocks/HUT">as noted by Hedge Follow</a>. Israel Englander&rsquo;s Millennium Management picked up 132,800 shares in late December, as well.</p>



<h2><strong>CleanSpark (CLSK)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/03/clsk1600-300x169.png" alt="In this photo illustration, the CleanSpark (CLSK) logo seen displayed on a smartphone screen"><div>Source: rafapress / Shutterstock.com</div></div><p>Another hot crypto mining stock buy on the cheap is <strong>CleanSpark</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/clsk-stock-quote/"><strong>CLSK</strong></a>). After pulling back to support at $15.94, I&rsquo;d like to see the CLSK stock retest $24 shortly.</p>



<p>While the company will release earnings on May 9 after the bell, we&rsquo;re hopeful the company will see a quarter similar to what it reported in February. At the time, CLSK increased its quarterly revenue to $73.8 million, a 165% jump year over year. Net income was $25.9 million for the quarter, or 14 cents per share, as compared to a year earlier loss of $29 million. Adjusted EBITDA jumped to $69.1 million from a loss of $2 million a year earlier, too.</p>



<p><a href="https://investors.cleanspark.com/news/news-details/2024/CleanSpark-Reports-First-Quarter-FY2024-Financial-Results/default.aspx">As noted by CEO Zach Bradford</a>,&nbsp;&ldquo;In a single quarter we have covered nearly half the distance to reach our total revenue from last year. We beat all consensus estimates across the board, including revenue, EPS, and profitability.&rdquo;</p>



<h2>Crypto Mining Stocks: <strong>Valkyrie Bitcoin Miners ETF (WGMI)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/04/mara-1600-crypto-mining-300x169.png" alt="Macro view of miner working for bitcoins mine pool. Devices and technology for mining cryptocurrency. Mining cryptocurrency concept. MARA stock. Crypto mining."><div>Source: Yev_1234 / Shutterstock</div></div><p>Or, if you want to diversify with some of the top crypto mining stocks for less than $15 a share, there&rsquo;s the&nbsp;<strong>Valkyrie Bitcoin Miners ETF</strong>&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/wgmi-stock-quote/"><strong>WGMI</strong></a>).&nbsp;</p>



<p><a href="https://valkyrie-funds.com/wgmi/">With an expense ratio of 0.75%,</a>&nbsp;the ETF holds mining stocks, such as Marathon Digital, CleanSpark, Riot Platforms,&nbsp;<strong>Bit Digital</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/btbt-stock-quote/"><strong>BTBT</strong></a>),&nbsp;<strong>Cipher Mining</strong>&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/cifr-stock-quote/"><strong>CIFR</strong></a>), and <strong>Bitfarms</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/bitf-stock-quote/"><strong>BITF</strong></a>) to name a few.&nbsp;</p>



<p><a href="https://seekingalpha.com/symbol/WGMI">As noted by Seeking Alpha</a>: </p>




<p>&ldquo;The fund invests in stocks of companies operating across information technology, bitcoin mining operations including companies providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining sectors.&rdquo;</p>




<p>After pulling back to $14.36, it&rsquo;s just starting to pivot higher again. From that current price, I&rsquo;d like to see it retest $23 a share again shortly. What&rsquo;s nice about an ETF like this is I can buy 100 shares for $1,436 at the moment, and be diversified with top mining stocks. Or, I could just buy one of its holdings &ndash; Nvidia, for example &ndash; and pay nearly $86,000 for 100 shares of just NVDA.</p>



<h2><strong>Cipher Mining (CIFR)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/04/crypto-mining-stocks1600-300x169.png" alt="Bitcoin over a microprocessor in a motherboard. With copy space and selective focusing. 3d render banner illustration. Concept for crypto currency, mining, technology, investment, finance, crypto mining stocks"><div>Source: Gaston Cerliani / Shutterstock.com</div></div><p>There&rsquo;s also Cipher Mining, another one of the top crypto mining stocks to consider on a recent pullback. Last trading at $3.93, I&rsquo;d like to see it retest prior resistance at around $4.94. Recent earnings were impressive. For the full-year, the company&rsquo;s EPS loss of 10 cents beat estimates by 10 cents. Revenues of $126.8 million &ndash; up 4,071.1% YOY beat by $3.07 million.&nbsp;</p>



<p><a href="https://investors.ciphermining.com/news-releases/news-release-details/cipher-mining-provides-fourth-quarter-and-full-year-2023#:~:text=%E2%80%9CWe%20are%20particularly%20excited%20about,our%20Black%20Pearl%20data%20center.">Tyler Page, CEO of Cipher</a>, stated:</p>




<p>&ldquo;We are particularly excited about our expansion plans for 2024 and 2025. We expect to be at 9.3 EH/s by the end of Q3 2024 via the fully funded expansions at our Bear and Chief data centers and over 16 EH/s in the first half of 2025 via the fully funded phase one build of our Black Pearl data center.&rdquo;&nbsp;</p>




<p>He added: </p>




<p>&ldquo;We have the potential to grow to 25 EH/s by the end of 2025 with the eventual completion of Black Pearl. We have already seen the results we can achieve with our operational leverage. With the strength of our balance sheet, our expansion plans and proven track record on execution, we expect to be a clear winner through the halving and into the next cycle.&rdquo;</p>




<h2><strong>Terawulf (WULF)</strong></h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/crypto_mining_sos_1600-300x169.png" alt="Bitcoin miners in large farm. ASIC mining equipment on stand racks mine cryptocurrency in steel container. Blockchain techology application specific integrated circuit datacenter. Server room lights. SOS Stock"><div>Source: Artie Medvedev / Shutterstock.com</div></div><p><strong>Terawulf</strong>&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/wulf-stock-quote/"><strong>WULF</strong></a>) is another attractive miner after its pullback to $2.17. It&rsquo;s also been testing higher highs and higher lows since February. With that likely to continue, I&rsquo;d like to see WULF retest prior resistance at around $3.25 initially.</p>



<p>Helping, analysts at&nbsp;<a href="https://seekingalpha.com/news/4088259-bitcoin-miners-terawulf-bitdeer-snag-buy-ratings-from-rosenblatt">Rosenblatt initiated a buy rating</a>&nbsp;on the stock, calling it a &ldquo;preferred way to allocate to Bitcoin below spot prices,&rdquo; as quoted by Seeking Alpha. The firm added&nbsp;that the company&rsquo;s vertically integrated infrastructure is &ldquo;scarce and becoming more so as demand from hyperscalers grows,&rdquo; positioning WULF &ldquo;to win in a number of ways other miners cannot.&rdquo;</p>



<p>Even better,&nbsp;according to the <a href="https://investors.terawulf.com/news-events/press-releases/detail/69/terawulf-announces-preliminary-full-year-2023-financial'">company&rsquo;s CEO Paul Prager</a>:</p>




<p>&ldquo;We estimate that our cost to&nbsp;mine a bitcoin is among the lowest compared to other publicly-listed bitcoin mining companies at approximately $25,000 per bitcoin before the halving and $37,000 after the halving.&rdquo;</p>




<p>WULF management also says it made&nbsp;<a href="https://investors.terawulf.com/news-events/press-releases/detail/69/terawulf-announces-preliminary-full-year-2023-financial">significant progress on debt reduction</a>&nbsp;and liquidity. It also said its fourth-quarter revenue jumped 23% quarter-over-quarter. Gross profits of $14.3 million jumped 34% over the same time frame. Net loss improved from $19.4 million in the third quarter to $10.8 million. Plus, its adjusted EBITDA ran to $16.4 million from $9 million.</p>



<p><em>On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;</em><em><a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/?utm_source=Nasdaq&amp;utm_medium=referral">Publishing Guidelines.</a></em></p>
<div><p>Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.</p></div><h3>More From InvestorPlace</h3>
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<p>The post <a href="https://investorplace.com/2024/05/7-crypto-mining-stocks-that-could-make-you-a-fortune-if-you-dare/">7 Crypto Mining Stocks That Could Make You a Fortune (If You Dare)</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.</p>

7 Crypto Mining Stocks That Could Make You a Fortune (If You Dare)

<p><a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a></p>
<p>My view is that expansionary monetary policy in the second half of 2024 is likely to be a major catalyst for a broad-based market rally. It&rsquo;s therefore a good time to accumulate high-quality <a href="https://investorplace.com/stock-types/growth-stocks/">growth stocks</a>. At the same time, risk taking investors can consider exposure to undervalued <a href="https://investorplace.com/stock-types/penny-stocks/">penny stocks</a> that can potentially go ballistic.</p>



<p>While I am looking at a near term catalyst, the focus of this column is on penny stocks to buy and hold until 2027. During this period, I believe that the penny stocks discussed are likely to deliver 7-bagger returns.</p>



<p>Since the investment horizon is medium term, I have refrained from talking about purely speculative penny stocks. Instead, my view is on undervalued names with a good business and strong fundamentals. I would not lose sleep by holding a small portion of the portfolio in these undervalued penny stocks.</p>



<p>Let&rsquo;s discuss the business factors that can trigger a big rally in these ideas within the next three years.</p>



<h2>Lithium Americas (LAC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/11/lithium-americas-lac-1600-300x169.jpg" alt="smartphone with logo of Canadian company Lithium Americas Corp on screen"><div>Source: Wirestock Creators / Shutterstock.com</div></div><p>In my view, <strong>Lithium Americas </strong>(NYSE:<span><a href="https://investorplace.com/stock-quotes/lac-stock-quote/"><strong>LAC</strong></a></span>) stock trading under $5 is a gift. Once sentiments reverse for lithium, LAC stock is likely to go ballistic from deeply undervalued levels.</p>



<p>To put things into perspective, Lithium Americas has a current market valuation of $990 million. In comparison, the after-tax net present value of Thacker Pass asset is $5.7 billion. Purely based on asset valuation, the stock can be a six-bagger from current levels.</p>



<p>However, if we look beyond this, the Thacker Pass has a mine life of 40 years. Once both the phases of the lithium asset are commercialized, the <a href="https://lithiumamericas.com/files/doc_presentation/2024/05/LAC-Corporate-Presentation.pdf">annual EBITDA from the asset</a> is likely at $2 billion. Clearly, operating, and free cash flows will be robust. Further, estimates can change on the upside if lithium skyrockets due to supply-gap concerns in the coming years.</p>



<p>I would therefore buy and hold LAC stock. With <a href="https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Provides-a-Thacker-Pass-Construction-Plan-Update/default.aspx">commercialization</a> of the Thacker Pass asset due in 2027, multibagger returns are likely before that as the markets discount the cash flow potential.</p>



<h2>Archer Aviation (ACHR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/10/achr1600-2-300x169.png" alt="Person holding cellphone with logo of American eVTOL aircraft company Archer Aviation Inc. (ACHR) on screen in front of webpage. Focus on phone display. Unmodified photo."><div>Source: T. Schneider / Shutterstock.com</div></div><p>The flying car industry is at a nascent stage. Companies that are likely to commercialized eVTOL aircraft in the next 12 months will have an early-mover advantage. Considering the immense potential the industry holds, I expect multibagger returns from the best <a href="https://investorplace.com/industries/consumer-discretionary/automotive/flying-cars/">flying car stocks</a>.</p>



<p><strong>Archer Aviation</strong> (NYSE:<span><a href="https://investorplace.com/stock-quotes/achr-stock-quote/"><strong>ACHR</strong></a></span>) is an attractive name to consider at current levels of $3.7. It&rsquo;s worth noting that ACHR stock has corrected by almost 40% for year-to-date. This seems like a good opportunity to consider fresh exposure.</p>



<p>I like the fact that Archer already has <a href="https://investors.archer.com/files/doc_financials/2023/q4/Shareholder-Letter-Q423-FINAL.pdf">an order backlog of $3.5 billion</a>. The Company is constructing its high-volume manufacturing facility in Georgia. This facility is likely to have a capacity of building 650 aircraft annually.</p>



<p>With commercialization likely next year, Archer is positioned for healthy upside in revenue. It&rsquo;s also worth noting that the Company has stitched partnerships in UAE and India for expansion in 2025 and 2026 respectively.</p>



<p>As Archer gradually completes the required certifications in the United States, I expect the Company to make inroads into new geographies. The initial years of commercialization are therefore likely to be exciting and ACHR stock can potentially deliver multi-fold returns.</p>



<h2>Bitfarms (BITF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/12/bitf1600-300x169.png" alt="Bitcoin and crypto mining farm. Big data center. High tech server computers at work. Bitfarms (BITF) mines crypto."><div>Source: PHOTOCREO Michal Bednarek / Shutterstock.com</div></div><p><strong>Bitfarms</strong> (NASDAQ:<span><a href="https://investorplace.com/stock-quotes/bitf-stock-quote/"><strong>BITF</strong></a></span>) is one stock where I believe that seven-bagger returns are likely well before 2027. The <strong>Bitcoin</strong> (<span><a href="https://investorplace.com/cryptocurrency/btc-usd/"><strong>BTC-USD</strong></a></span>) miner has corrected sharply by almost 40% for year-to-date. There are two reasons for the correction even as Bitcoin trends higher.</p>



<p>First, Bitfarms raised $375 million from an at-the-market equity offering program. The markets have therefore discounted the dilution factor. Further, with Bitcoin halving, mining is going to be relatively challenging. That&rsquo;s another factor being discounted in the stock.</p>



<p>Having said that, BITF stock looks undervalued considering the outlook for Bitcoin and the expansion plans. Chart expert, Peter Brandt <a href="https://www.coindesk.com/markets/2024/02/27/chart-expert-peter-brandt-raises-bitcoins-2025-target-to-200k-on-channel-breakout/">expects Bitcoin to peak</a> at $200,000 in the current bull market. If this holds true, BITF stock is likely to go through the roof.</p>



<p>Specific to Bitfarms, fundamentals are strong with a zero-debt balance sheet and a robust liquidity buffer. The Company plans to <a href="https://d1io3yog0oux5.cloudfront.net/_f3d6248e0d9d3f43b4152c6f73b4d887/bitfarms/db/862/8448/pdf/Investor+PPT+5.2.24+%281%29.pdf">increase hash rate capacity</a> from 6.5EH/s at the end of 2023 to 21EH/s by the end of the year. This is likely to translate into healthy revenue and cash flow upside. Further, as Bitcoin trends higher, the value of digital assets in the balance sheet will continue to swell.</p>



<h2>Cronos Group (CRON)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/04/cannabis-stocks1600-3-300x169.png" alt="scientist checking organic hemp wild plants in a cannabis weed commercial greenhouse. Concept of herbal alternative medicine, cbd oil, pharmaceutical industry. Cannabis stocks, FLGC stocks"><div>Source: Chokniti-Studio / Shutterstock.com</div></div><p>There seems to be good things happening for the cannabis sector. Recently, Germany legalized the recreational use of cannabis. It&rsquo;s also likely that the U.S. will reclassify cannabis as a less dangerous drug (Schedule III).</p>



<p>Reports also indicate that even without federal level legalization, the U.S. cannabis market is <a href="https://www.globenewswire.com/en/news-release/2023/03/22/2632475/0/en/U-S-Cannabis-Sales-Could-Total-71B-in-2030-Without-Federal-Legalization.html">expected to be worth</a> $71 billion by 2030. Therefore, with a big addressable medicinal and recreational cannabis market in U.S. and Europe, there is ample headroom for growth.</p>



<p><strong>Cronos</strong> (NASDAQ:<span><a href="https://investorplace.com/stock-quotes/cron-stock-quote/"><strong>CRON</strong></a></span>) is among the best <a href="https://investorplace.com/industries/healthcare/cannabis/">cannabis stocks</a> to buy to benefit from positive industry tailwinds. It&rsquo;s worth noting that Cronos has gone slow on expansion plans. Before 2023, the Company had presence in Canada and Israel.</p>



<p>However, Cronos has <a href="https://ir.thecronosgroup.com/news-releases/news-release-details/cronos-group-reports-2023-fourth-quarter-and-full-year-results1">entered the medicinal cannabis market</a> of Germany and Australia last year. Recently, the Company also <a href="https://ir.thecronosgroup.com/news-releases/news-release-details/cronos-enters-united-kingdom-cannabis-market">announced entry</a> in the United Kingdom. This might be the beginning of an aggressive expansion drive with Cronos sitting on a cash buffer of $862 million. Therefore, with the possibility of accelerated growth, I expect CRON stock to trend higher from undervalued levels.</p>



<h2>Ring Energy (REI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/08/oil1600-300x169.png" alt="In the field, the oil pump in the evening, the evening silhouette of the pumping unit, the silhouette of the oil pump. Oil stocks and energy stocks"><div>Source: zhengzaishuru / Shutterstock.com</div></div><p>With the possibility of rate cuts in 2024 and next year, I expect energy prices to trend higher. <strong>Ring Energy</strong> (NYSE:<span><a href="https://investorplace.com/stock-quotes/rei-stock-quote/"><strong>REI</strong></a></span>) stock looks significantly undervalued after remaining sideways for the last 12 months. Current levels of $1.8 look attractive for accumulation.</p>



<p>The first point to note is that Ring Energy reported proved reserves of 129mmboe as of 2023. The <a href="https://d1io3yog0oux5.cloudfront.net/_5f2f72e4982e5a2726fe7562b45ed0c9/ringenergy/db/880/7746/presentation/REI+Q1+2024+Supplemental+Information+Deck+FINAL++5-7-24.pdf">proved reserves have a PV10</a> (present value of estimated future oil and gas revenues, net of forecasted direct expenses) of $1.65 billion. In comparison, Ring Energy has a market valuation of $350 million. This puts into perspective the extent of undervaluation.</p>



<p>It&rsquo;s also worth noting that for Q1 2024, the Company reported adjusted free cash flow of $15.6 million. Ring Energy has reported positive AFCF for 18 consecutive quarters. With upside in production coupled with potentially higher realized price, I expect FCF to swell further. This will boost the Company&rsquo;s financial flexibility for investing in proved undeveloped reserves.</p>



<h2>Solid Power (SLDP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/sldp_solid_power_1600-300x169.png" alt="Smartphone with logo of American battery company Solid Power Inc. on screen in front of business website. Focus on center-left of phone display."><div>Source: T. Schneider / Shutterstock.com</div></div><p>Among EV penny stocks, <strong>Solid Power</strong> (NASDAQ:<span><a href="https://investorplace.com/stock-quotes/sldp-stock-quote/"><strong>SLDP</strong></a></span>) is the best pick for multibagger returns. The Company is working towards the commercialization of solid-state batteries and business developments have been encouraging. After a deep correction, SLDP stock has trended higher by 20% for year-to-date. I expect this positive momentum to sustain.</p>



<p>Last year, Solid Power delivered A-1 sample cells to clients for validation testing. The Company is <a href="https://www.solidpowerbattery.com/investor-relations/investor-news/news-details/2024/Solid-Power-First-Quarter-2024-Results-Reflect-Continued-Progress-Towards-2024-Goals/default.aspx">targeting to deliver</a> A-2 sample cells this year. This cell will address the challenges in the previous design. Further, the Company has also expanded electrolyte sampling with shipments to multiple potential customers.</p>



<p>I must add here that Solid Power has the backing of strong automotive partners that includes <strong>Ford</strong> (NYSE:<span><a href="https://investorplace.com/stock-quotes/f-stock-quote/"><strong>F</strong></a></span>) and <strong>BMW</strong> (OTCMKTS:<span><a href="https://investorplace.com/stock-quotes/bmwyy-stock-quote/"><strong>BMWYY</strong></a></span>). Earlier this year, the Company deepened its partnership with <strong>SK On</strong>. The target is to embed Solid Power into the Korean battery ecosystem.</p>



<p>Therefore, with continued progress on the R&amp;D front, strong partners, and ample financial flexibility, SLDP stock is a steal at current levels.</p>



<h2>Aker Carbon Capture (AKCCF)</h2>



<a href="https://investorplace.com/wp-content/uploads/2021/03/penny-stocks-1.jpg"><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/03/penny-stocks-1-300x169.jpg" alt="Stacks of pennies, penny stocks."></a><p>With global focus on decarbonisation, <strong>Aker Carbon Capture</strong> (OTCMKTS:<span><a href="https://investorplace.com/stock-quotes/akccf-stock-quote/"><strong>AKCCF</strong></a></span>) is an interesting penny stock to buy. The Company is a provider of products, solutions, and technology in the field of carbon capture. With a big addressable market in U.S. and Europe, I expect Aker Carbon to deliver stellar growth in the coming years.</p>



<p>An important point to note is that the Company&rsquo;s proprietary carbon capture technology already has 60,000 operating hours. The technology is therefore proven and Aker has already delivered seven carbon capture units. Further, Aker Carbon has a <a href="https://akercarboncapture.com/wp-content/uploads/2024/04/ACC-Q1-2024.pdf">strong order backlog</a> of 2.3 billion Norwegian krone as of Q1 2024.</p>



<p>This is however just the beginning with the Company <a href="https://akercarboncapture.com/wp-content/uploads/2024/01/ACC-Q4-2023.pdf">targeting to secure contracts</a> to capture 10 million tonnes CO2 per annum by 2025. If this target is achieved, I expect stellar revenue and EBITDA growth. With the Company making aggressive inroads in the U.S. markets, I believe that the target is realistic.</p>



<p><em>On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;</em><a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank"><em>Publishing Guidelines</em></a><em>.</em></p>
<div><p>Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.</p></div><h3>More From InvestorPlace</h3>
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<p>The post <a href="https://investorplace.com/2024/05/7-massively-undervalued-penny-stocks-to-buy-for-7-bagger-returns/">7 Massively Undervalued Penny Stocks to Buy for 7-Bagger Returns</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.</p>

7 Massively Undervalued Penny Stocks to Buy for 7-Bagger Returns

<p><a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a></p>
<p>Following a broader market rally,&nbsp;<strong>Bitcoin</strong>&nbsp;(<strong><a href="https://investorplace.com/cryptocurrency/btc-usd/" target="_blank">BTC-USD</a></strong>) rebounded to the $65,000 mark. The resurgence could be linked to the softer-than-anticipated jobs report, with experts expecting at least a couple of interest rate cuts this year. Moreover, with the recent BTC halving done and dusted, we could be on the cusp of another bull run. That said, investors will want to consider exposure to these high-potential crypto <a href="https://investorplace.com/stock-types/penny-stocks/">penny stocks</a>.</p>



<p>BTC has been range-bound between $60,000 and $70,000 in the past couple of months. Hence, BTC&rsquo;s like a lion in the savannah, biding its time under the shade. Once the consolidation phase is over, expect it to leap like a lion, leading to a major rally in crypto-linked stocks. Here is a dynamic trio of dirt-cheap BTC miners positioned for a potential breakout.</p>



<h2>High-Potential Crypto Penny Stocks: Bit Digital (BTBT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/09/shutterstock_772693789-300x169.jpg" alt="Bit Digital (BTBT stock): several rows of processors in a crypto mining farm."><div>Source: PHOTOCREO Michal Bednarek / Shutterstock</div></div><p><strong>Bit Digital</strong>&nbsp;(NASDAQ:<strong><a href="https://investorplace.com/stock-quotes/btbt-stock-quote/" target="_blank">BTBT</a></strong>)&nbsp;is an under-the-radar crypto mining play, trading hands for chump change.&nbsp; Despite BTC&rsquo;s incredible run in the past year, its stock surprisingly ended in the red, <a href="https://seekingalpha.com/symbol/BTBT/momentum/performance">losing 50% of its value</a>. It&rsquo;s down roughly 59% from its 52-week high price of $5.27 and is arguably one of the cheapest BTC miners.</p>



<p>Though its stock has been laggard, it continues to march forward with purpose on the operational front. It was one of the most efficient miners in the second half of last year, mining 70.74 BTC per EH/s. Moreover, it&rsquo;s been looking to diversify its operations by focusing on becoming an Ethereum-focused treasury while making its foray into the AI market. &nbsp;It plans to set up data centers with robust&nbsp;<strong>Nvidia</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/nvda-stock-quote/"><strong>NVDA</strong></a>)&nbsp;GPUs, potentially creating a massive new revenue stream for its businesses.</p>



<p>It closed out 2023 with $44.9 million in sales, but analysts anticipate a significant increase of over 50% <a href="https://seekingalpha.com/symbol/BTBT/earnings">to $109.2 million this year</a>. I feel these lofty estimates assume an optimistic scenario where Bit Digital can successfully leverage its mining profits and additional new revenue streams. If that&rsquo;s the case, BTBT stock could offer a tremendous upside.</p>



<h2>TeraWulf (WULF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/04/crypto-mining-stocks1600-300x169.png" alt="Bitcoin over a microprocessor in a motherboard. With copy space and selective focusing. 3d render banner illustration. Concept for crypto currency, mining, technology, investment, finance, crypto mining stocks"><div>Source: Gaston Cerliani / Shutterstock.com</div></div><p><strong>TeraWulf</strong>&nbsp;(NASDAQ:<strong><a href="https://investorplace.com/stock-quotes/wulf-stock-quote/" target="_blank">WULF</a></strong>) is another emerging BTC miner that stands out with its ESG-focused approach and financial flexibility. Unlike BTBT stock&rsquo;s lackluster performance, <a href="https://seekingalpha.com/symbol/WULF/momentum/performance">WULF stock gained roughly 40% last year</a> and more than 130% in the past six months, outperforming the <strong>S&amp;P 500</strong>. Though these gains may seem excessive, the company&rsquo;s actions warrant attention.</p>



<p>Over the years, Energy consumption and the environmental effects of BTC mining have been major topics of discussion. However, lately, we&rsquo;ve seen regulators in the U.S. shifting from discussion to taking punitive measures against the environmental impacts of BTC mining. &nbsp;For instance, President Biden&rsquo;s budget proposal introduced a new tax on crypto mining energy use. Moreover, state laws are also in flux, with Texas and New York taking significant steps to regulate or curb mining activities due to environmental concerns.</p>



<p>Wulf, though, uses renewable energy sources such as nuclear and other zero-carbon sources to mine Bitcoin. Considering the regulatory challenges facing traditional BTC miners, WULF is in a better position to navigate the headwinds. Moreover, company CEO Paul Prager has commented on the firm&rsquo;s low-cost status: $25,000 per Bitcoin before the halving and $37,000 after. On top of that, the company has made impressive strides in cutting its <a href="https://seekingalpha.com/news/4087865-terawulf-climbs-5-on-30m-debt-repayment">debt load by roughly $70 million </a>in the past six months.</p>



<h2>Bitfarms (BITF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/12/bitf1600-300x169.png" alt="Bitcoin and crypto mining farm. Big data center. High tech server computers at work. Bitfarms (BITF) mines crypto."><div>Source: PHOTOCREO Michal Bednarek / Shutterstock.com</div></div><p><strong>Bitfarms&nbsp;</strong>(NASDAQ:<strong><a href="https://investorplace.com/stock-quotes/bitf-stock-quote/" target="_blank">BITF</a></strong>) is a Toronto-based Bitcoin mining company that surged immensely in value last year. The stock <a href="https://seekingalpha.com/symbol/BITF/momentum/performance">jumped a whopping 68% in 2023 </a>and more than 60 in the past six months. It has been trading in the red of late, following a $375 million at-the-market offering. Its current correction makes it an excellent time to bet on BITF stock before it takes off. Moreover, Wall-Street concurs, expecting an eye-popping 150% upside from current levels.</p>



<p>Bitfarms stands out from its peers with zero debt on its balance sheet and a healthy cash reserve. Since 2020, Bitfarms has seen its cash reserve grow by an <a href="https://seekingalpha.com/symbol/BITF/balance-sheet">extraordinary 1,323% to $84 million</a>. Its financial flexibility is even more impressive considering the volatility in the crypto space.</p>



<p>At the end of last year, the firm boasted a hash rate capacity of 6.5EH/s. It plans to ramp things up to 21EH/s by the end of 2024. There is still plenty of ground to cover, but such an expansion will significantly boost its top-and-bottom-line results. Hence, this backdrop of robust financial health and strategic expansion positions the firm to efficiently capitalize on the dynamic crypto market conditions.</p>



<p><strong><em>On Penny Stocks and Low-Volume Stocks:&#8239;</em></strong><em>With only the rarest exceptions,&nbsp;InvestorPlace&nbsp;does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that&#8239;InvestorPlace.com&rsquo;s&nbsp;writers disclose this fact and warn readers of the risks.</em></p>



<p><strong><em>Read More:&#8239;</em></strong><a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/" target="_blank"><em>Penny Stocks &mdash;&nbsp;How to Profit Without Getting Scammed</em></a></p>



<p><em>On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a></em>.</p>
<div><p>Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor&rsquo;s of science degree in applied accounting from Oxford Brookes University.</p></div><h3>More From InvestorPlace</h3>
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<p><a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a></p>
<p>Inflation has been stubborn, and the inflation rate can be higher for families based on their consumption basket. Therefore, money in the savings account is likely to erode in purchasing power. Investing in relatively risky asset classes is the only way to maintain or increase purchasing power.</p>



<p>Within equities, <a href="https://investorplace.com/stock-types/blue-chip-stocks/">blue-chip stocks</a> have a low beta and provide steady returns. However, it&rsquo;s important to consider exposure to high-beta stocks to boost portfolio returns. This column focuses on high-risk high-reward stocks under $10 that can 2x in the next 12 to 18 months.</p>



<p>Of course, it&rsquo;s important to limit exposure to the high-risk stocks. However, even with 10% to 15% portfolio exposure, the overall impact on portfolio returns can be significant. While talking about speculative plays, I have ensured that the ideas discussed represent companies with good fundamentals. These stocks are likely to surge higher with impending company or industry-specific catalysts.</p>



<p>Let&rsquo;s discuss the reasons for being positive about these high-risk, high-reward stocks under $10.</p>



<h2>Kinross Gold (KGC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/04/kinross-kgc-1600-300x169.jpg" alt="Cellphone with business logo of Canadian mining company Kinross Gold Corp. on screen in front of webpage."><div>Source: T. Schneider / Shutterstock.com</div></div><p><strong>Kinross Gold</strong> (NYSE:<span><a href="https://investorplace.com/stock-quotes/kgc-stock-quote/"><strong>KGC</strong></a></span>) has been in an uptrend for year-to-date. However, valuations remain attractive, with KGC stock trading at a forward price-earnings ratio of 17.4. The stock also offers a dividend yield of 1.69%.</p>



<p>It&rsquo;s worth noting that gold trades above $2,300 an ounce. Further, gold is expected to hit $2,600 an ounce in the next 12 months. If this projection holds, KGC stock will likely go ballistic in the next few quarters.</p>



<p>I must mention that the bullish momentum is already underway, with Kinross reporting stellar Q1 2024 results. For the quarter, production growth was 13% on a year-on-year basis to 527,399 ounces. Further, adjusted operating cash flow was $425 million. With gold in an uptrend, the annual adjusted OCF will likely be close to $2 billion.</p>



<p>Kinross ended the quarter with a strong liquidity buffer of $2 billion. This provides ample flexibility for aggressive capital investments and potential acquisitions to boost production.</p>



<h2>Archer Aviation (ACHR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/10/achr1600-2-300x169.png" alt="Person holding cellphone with logo of American eVTOL aircraft company Archer Aviation Inc. (ACHR) on screen in front of webpage. Focus on phone display. Unmodified photo."><div>Source: T. Schneider / Shutterstock.com</div></div><p><strong>Archer Aviation</strong> (NYSE:<span><a href="https://investorplace.com/stock-quotes/achr-stock-quote/"><strong>ACHR</strong></a></span>) stock has declined sharply year to date. However, on a 12-month basis, the stock returns are stellar at 90%. I believe that the recent correction is a good buying opportunity. I will not be surprised if ACHR stock trades double-digits in the next few quarters.</p>



<p>As an overview, Archer is moving towards the commercialization of flying cars. Archer will likely commence operations in the United States in 2025. Additionally, the Company will likely commercialize eVTOL aircraft in the UAE next year.</p>



<p>Archer recently <a href="https://investors.archer.com/news/news-details/2024/Archer-Signs-Framework-Agreement-For-Multi-Hundred-Million-Dollars-To-Accelerate-Commercial-Air-Taxi-Operations-Across-UAE/default.aspx">signed a framework agreement</a> in Abu Dhabi to accelerate commercial air taxi operations across the UAE. With plans to commence operations in India by 2026, Archer seems to have aggressive growth plans. I expect stellar revenue growth in the next few years as the Company makes inroads into new markets.</p>



<p>It&rsquo;s worth mentioning that Archer is focused on significantly scaling up operations. The manufacturing facility in Georgia is likely to support the production of 650 aircraft annually. This will support servicing an <a href="https://investors.archer.com/files/doc_financials/2023/q4/Shareholder-Letter-Q423-FINAL.pdf">indicative order backlog</a> of $3.5 billion.</p>



<h2>Bitfarms (BITF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/12/bitf1600-300x169.png" alt="Bitcoin and crypto mining farm. Big data center. High tech server computers at work. Bitfarms (BITF) mines crypto."><div>Source: PHOTOCREO Michal Bednarek / Shutterstock.com</div></div><p>After some corrections, <strong>Bitcoin</strong> (<a href="https://investorplace.com/cryptocurrency/btc-usd/"><strong>BTC-USD</strong></a>) witnessed a renewed rally. It was entirely likely after the halving event. I expect the digital asset to scale new highs in the coming months. A good proxy exposure to Bitcoin is investing in quality miners. <strong>Bitfarms</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/bitf-stock-quote/"><strong>BITF</strong></a>) look attractive at around $2 levels for multibagger returns within the next 12 months.</p>



<p>It&rsquo;s worth noting that Bitfarms ended April with a mining capacity of 7EH/s. The Company is targeting to boost capacity to 21EH/s by the end of the year. This is likely to translate into stellar revenue and EBITDA growth. An important point is that Bitfarms reported an <a href="https://d1io3yog0oux5.cloudfront.net/_f3d6248e0d9d3f43b4152c6f73b4d887/bitfarms/db/862/8448/pdf/Investor+PPT+5.2.24+%281%29.pdf">average cost per Bitcoin production</a> of $16,200 as of Q4 2023. Being a low-cost miner, Bitfarms is positioned to deliver robust cash flows.</p>



<p>From a financial perspective, Bitfarms has a zero-debt balance sheet and ended 2023 with a liquidity buffer of $118 million. With the $375 million at-the-market equity offering program in March, Bitfarms is well positioned to finance its aggressive expansion plans.</p>



<p><em>On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;</em><a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank"><em>Publishing Guidelines</em></a><em>.</em></p>
<div><p>Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.</p></div><h3>More From InvestorPlace</h3>
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<p>The post <a href="https://investorplace.com/2024/05/speculative-plays-under-10-3-high-risk-high-reward-stocks-with-2x-potential/">Speculative Plays Under $10: 3 High-Risk, High-Reward Stocks With 2X Potential</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.</p>

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Bitfarms boots CEO, effective immediately, reschedules earnings

Bitfarms Ltd. (TSE:BITF) has released an update. Bitfarms Ltd. has expedited the termination of Geoffrey Morphy as CEO, with Nicolas Bonta stepping...

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Bitfarms Ltd. (TSE:BITF) has released an update. Bitfarms Ltd., a leading Bitcoin mining firm, will present its Q1 2024 financial results on May 15...

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ACHR

AKCCF

BKKT

BMWYY

BTBT

CIFR

CLSK

CRON

LAZR

RIOT

SDIG

SLDP

WULF

Mangoceuticals ($MGRX) Partners with Marius Pharmaceuticals: A Strategic Leap in Men's Health Market

Press Releases

Bitfarms Reaches 7 EH/s with Completion of Fleet Upgrade at Garlock and Farnham Facilities

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Bitfarms Schedules First Quarter 2024 Conference Call on May 13, 2024

Bitfarms Provides April 2024 Production and Operations Update

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Bitfarms Doubles Yguazu Power Capacity to 200 MW with Additional 100 MW of Hydropower in Paraguay