Bitfarms Stock Is Rising Tuesday: What's Going On?

Shares of Bitcoin BTC/USD miner Bitfarms Ltd BITF are trading higher Tuesday. The company announced upgrades for its mining fleet.

What Happened: Bitfarms purchased 35,888 Bitmain T21 miners for $2,660 per unit expected to be delivered and installed at its facilities in the first half of 2024. The company confirmed that it has sufficient liquidity to complete the purchase obligations for the order. 

Bitfarms has also secured a purchase option for an additional 28,000 Bitmain T21 miners.

"We've built our world class, scalable infrastructure in anticipation of the right time to implement a transformative equipment upgrade. Now, with the most attractive equipment pricing since 2020, we've launched our comprehensive strategy with a well-defined pathway to 17 EH/s in H2 2024 and the hardware secured for 21 EH/s in 2024," said Geoff Morphy, president and CEO of Bitfarms.

Management is set to discuss fleet upgrade plans on a conference call on Tuesday at 8:30 a.m. ET.

See Also: Bitcoin, Ethereum, Dogecoin Dip Ahead Of Macro Volatility Triggers As November Ends: Analyst Predicts Ethereum To Rally Over 80% To $3600

BITF Price Action: Bitfarms shares were up 16% Tuesday morning at $1.23, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.