Bitfarms Stock Soars as it Announces $500 Million Massive Mining Facility

IconCryptoNewsTerminal Staff13 Jun, 2024

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Bitfarms Stock Soars as it Announces $500 Million Massive Mining Facility

Bitfarms, a cryptocurrency mining company, announced plans to construct a massive mining facility in Pennsylvania. The Nasdaq-listed stock soared 13% on Tuesday, according to The Block. This is a significant expansion for the company, increasing its total operating capacity by 170% to 648 megawatts next year. "The new facility will allow us to continue to scale our operations and increase our hashrate capacity," said Bitfarms CEO Emiliano Grodzki. "We are excited to continue to grow our business and support the Bitcoin network." Shares of Bitfarms (BITF) are currently trading at $2.815, up 15.84%. The company's market capitalization is now over $1.3 billion. The announcement of the new mining facility is a sign of the growing interest in cryptocurrency mining. As the price of Bitcoin continues to rise, more and more companies are investing in mining operations. This is expected to lead to continued growth in the cryptocurrency mining industry.

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