Bitfarms (BFARF) Continues to Trade in a Narrow Range: What Next?

Bitcoin mining firm Bitfarms Ltd (OTCMKTS:BFARF) emerged as a notable gainer on Wednesday and went up by as much as 4% after the company provided a fresh corporate update.

The company announced yesterday that next week it is going to receive its order of 1500 M31S+ Bitcoin mining machines and the deployment will begin at the same time as well. It is a major new development for the company since it is going to boost its hashrate to 120 PH/s.

That will bring the company’s total hash rate to as much as 1.54 EH/s, which is going to be the highest installed Bitcoin hashrate anywhere in North America. The growth in the company’s Bitcoin mining infrastructure is a major boost and one that could help it in becoming an important player in this space in the coming years. It should be noted that Bitfarms is going to receive an identical order next month and that will take its total hash rate to 1.66 EH/s.