On August 08, the Q2 earnings release pumped Bitfarms (BITF) stock by 22.02%.
The expected earnings per share( EPS) of BITF stock was -$0.11; however, it was reported at -$0.07, with a growth of +35.41%.
Bitfarms Ltd (BITF) 78.1% (331.30 Million) shares are free-floating, and 21.9% are closely held.
The emergence of blockchain-based currencies spawned a range of innovative by-products and services, including cryptocurrency ATMs, crypto mining, and others. In the broader crypto market, dozens of companies are listed, contributing to the sector’s growth and diversification.
Following the release of Q2 earnings, better than expected, Bitfarms (BITF) stock grew by approximately 22.02%. However, its trading price reflected a significant decline of 11.88% weekly and -14.81% in the past 30 days.
Ben Gagnon, the chief executive officer of Bitfarms, wrote in his X post dated August 08 that the company is also exploring other opportunities than Bitcoin mining.
Bitfarms Q2 earnings below Key highlights:Increasing marketshare from faster hashrate growth than the networkRapidly improving energy efficiency and competitive energy pricesContinuous reductions in direct hashcost of roughly 2.7c/TH/Day and trending down https://t.co/BIEZ0lj13f
— Hashoveride (₿en Gagnon) (@hashoveride) August 8, 2024
According to Q2 earning documents, “Bitfarms’ new site in Sharon, PA represents its first foray into the PJM region, which the company believes is the most attractive energy market in the U.S., and one in which we hope to grow our footprint further.”
Bitfarms Q2 Earnings & Revenue Report
The expected earnings per share( EPS) of Bitfarms (BITF) stock was -$0.11, however, it reported -$0.07, registering a growth of +35.41%.
Despite positive EPS, the reported revenue slipped by 6.88%, reaching $41.55 million.
Bitfarms is expected to report $61.99 Million in Q3 and $84.82 Million in the last quarter of 2024.
The company’s expected revenue for the year 2024 is $242.71 Million, followed by expected EPS of -$0.21.
As per the Nasdaq filing, Bitfarms Ltd (BITF) 78.1% (331.30 Million) shares are free-floating, and the remaining 21.9% are closely held.
Other Major Crypto Miners in the Market
In terms of market capitalization, Marathon Digital Holdings (MARA) is one of the biggest crypto miners globally, with a market cap of $5.12 Billion.
At press time, MARA stock was trading at $17.39, making it the most valued crypto mining stock.
Cleanspark (CLSK) is 2nd most significant in crypto mining and the 3616th most valuable company with a market cap of $2.78 Billion.
Some other crypto miners include Phoenix Group, Core Scientific, Riot Blockchain, Iris Energy, Cipher Mining, Terawulf, Bitdeer Technologies Group and Hut 8 Mining.
The collective market capitalization of crypto mining companies accounts for $25.12 Billion.
Crypto Market Price Alert!
In the past 24 hours, the crypto market showed significant bullishness, adding 6.03% to the market cap.
Bitcoin(BTC) prices followed positive sentiments of the broader market in the past 24 hours; its price grew 6.60%, reaching $61,050. The reversal in price, market cap, and trading volume reflects the keen interest of bulls over the BTC.
Despite a slippage of -2.76% of intraday trading volume, Ethereum’s (ETH) price surged over 11%, reaching $2,696. The gain of +10.75% in the market cap in the past 24 hours makes it the 2nd most valuable in terms of cap.
Sui (SUI) is ruling the intraday gainers list, adding 31.67% to its price, followed by Celestia (TIA) price, reaching $5.57, following a growth of 20.18%.