HC Wainwright & Co. Analyst Mike Colonnese added BitFarms shares to the corporate's high choose within the Bitcoin mining sector in 2025.
In a analysis notice following Bitfarms' fourth quarter 2024 income report and convention name, Colonnese stated the market is “considerably underestimating” the corporate's contraction mining operations and rising AI methods.
HC Wainwright has repeatedly reiterated BitFarms buy scores with a goal of $3.50 per share.
This fall Abstract
BitFarms was reported on March twenty seventh within the fourth quarter of 2024. Income of $56.2 million rose 25% quarterly, in step with analyst expectations. Self-employed revenues rose to $54.6 million, as the typical Bitcoin (BTC) worth was excessive and the hashrate rolled out by the tip of the yr elevated by 13% to 12.8 EH/s. Complete mining revenue improved to $25.8 million at a margin of 47.3% from 38.4% within the final quarter.
Bitcoin manufacturing was immersed in 654 BTC because the community's issue elevated, however the firm nonetheless recorded web revenue of $15.2 million, or $0.03 per share. The adjusted EBITDA almost tripled to $14.3 million.
You may prefer it too: Crusoe Vitality sells Bitcoin mining arms to Nydig and focuses on AI
BitFarms elevated its hashrate capability to 18.6 EH/s, tripling its computing energy from 6.5 EH/s on the finish of 2023. The fleet improve has improved general effectivity by 45%, with hash prices presently averaged between $20-22 per Petahash, under the present market worth.
Regardless of this, Bitfarms inventory has fallen 57% since November, in comparison with a 7% decline within the NASDAQ index over the identical interval. Colonnese sees the corporate's present valuation as a sudden low cost to friends buying and selling almost $85 million per EH, at round $25 million per EH.
Vitality property to advertise AI development
Past mining, Bitfarms has established itself as a North American vitality and computing firm.
Administration stated there isn’t any rapid plan to purchase extra ASIC miners, and future development will concentrate on constructing vitality infrastructure to assist AI and HPC workloads.
This shift contains current acquisitions of base property and the sale of the Paraguay-based Yguazu web site, which is able to enhance the US share of the vitality portfolio from 6% to 33%. BitFarms is presently aiming to develop to 1.4 GW whole vitality capability by 2028, with almost 80% within the US.
Colonnese famous that HPC/AI alternatives haven’t but been mirrored in present forecasts, and that potential partnerships with HyperScaler can present significant advantages.
You may prefer it too: Hive Digital has accomplished acquisition of Paraguay's Yguazú web site, in search of a 317% mining increase
