Why Bitcoin-Related Stock Bitfarms Is Rising Today

Bitfarms Ltd BITF is trading higher Friday after the company provided a Bitcoin BTC/USD production and mining operations update.

Bitfarms said it mined 305 new Bitcoin during September. The company mined 1,050 Bitcoin in the third quarter, representing an increase of 38% quarter-over-quarter. 

Bitfarms' total Bitcoin holdings have grown to over 2,300 Bitcoin, which is worth approximately $100 million.

“Third quarter 2021 marks Bitfarms’ highest quarterly Bitcoin production in 2021, capitalizing on growth investments throughout the year and macro events in China,” said Emiliano Grodzki, founder and CEO of Bitfarms. 

Grodzki continued, “Following these macro events, which resulted in the Bitcoin network’s largest ever reduction in difficulty, the network is experiencing a steady recovery, but remains below historic highs.”

Bitfarms owns and operates blockchain farms that power the global decentralized financial economy.

BITF Price Action: Bitfarms has traded as high as $7.47 and as low as $2.81 over a 52-week period.

The stock was up 11.10% at $4.72 at time of publication.

Photo: Miloslav Hamřík from Pixabay.