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The cryptocurrency crash has presented an attractive investment opportunity in crypto stocks. Bitfarms (NASDAQ:BITF) stock traded at 52-week highs of $9.4. The stock trades below $1 and is worth considering among penny stocks to buy. Bitfarms continues to expect steady growth in capacity in the coming quarters. Digital assets are likely to swell further in the next year. This has translated into healthy growth in Bitcoin (BTC-USD) mined for year-to-date 2022. As of September 2022, the company reported 2,065 Bitcoin in its balance sheet. Once Bitcoin reverses, BITF stock will be positioned for a meaningful rally.
Amending the BTC-backed loan that was to mature June 30, 2022, extending the maturity by three-months for a maximum of US$40 million, of which US$38 million is currently outstanding, at an interest rate of 11.25%.
Selling 3,352 BTC during the month for total proceeds of US$69 million, a portion of which was used to pay down the BTC-backed facility.
All these HODL miners are contributing to the weakness in the BITC price because these guys are being forced to sell now. At some point, this selling would lighten up and new traders/investors in Bitcoin get encouraged that they are not buying into a Falling Knife scenario.
www.bitcointreasuries.net has a list of the HODL miners.
The companies that are NOT on this list that have been selling their bitcoin as they go along. They have been the smart guys. They will be buying cryptomining machines in the spot market--because they have cash and not depreciated bitcoins.
Selling these bitcoins...
So old ceo bought 35 m worth of bitcoin and new ceo sells them at 40% loss
These guys could f up a wet dream
this article is old. reference to January 2022 ...
Bitfarms Purchases 48,000 Bitcoin Miners, Plans to Increase Hashpower by 5 Exahash
The publicly listed Canadian bitcoin mining operation Bitfarms has announced the firm is purchasing 48,000 Microbt Whatsminer mining rigs in order to expand capacity. Bitfarms highlights the acquisition of new miners will up the company’s hashpower by approximately 5 exahash per second (EH/s).
The Canadian bitcoin (BTC) mining company Bitfarms (TSXV:BITF, OTC:BFARF) announced on Tuesday the company has entered an agreement where it plans to purchase 48,000 mining rigs manufactured by Microbt. The China-based firm Microbt is the manufacturer of Whatsminer devices, which are some of the most powerful application-specific integrated circuit (ASIC) machines in the world. For instance, the company’s Whatsminer M30S++ is the most-profitable SHA256 ASIC miner on the market today according to current data.
Bitfarm’s announcement on Tuesday explains that Microbt has become the firm’s “supplier of choice.” During the last eight months, Bitfarms said it acquired 12,000 machines from the Chinese mining rig manufacturer. Bitfarms stressed that the firm expects the mining rig shipments to begin “on or before January 2022.” “The miners will be installed at our existing and new facilities which are currently in development,” the company said. Microbt said the mining manufacturer looks forward to providing the 5 EH/s worth of miner to Bitfarms.
“We are very excited to enhance and expand our partnership with Bitfarms,” Vincent Zhang, Microbt’s global sales director said during the purchase announcement. “The miners to be supplied to Bitfarms are very reliable and stable. These miners will generate tremendous value to Bitfarms in its mining operations and [to] its investors,” Zhang added.
Bitfarms CEO Alludes to the global Shortage of Semiconductor Wafers
Furthermore, the CEO of Bitfarms, Emiliano Grodzki, explained the acquisition helps during a time of excessive demand for ASICs.
“The supply of miners will be one of the greatest challenges for the foreseeable future due to a global shortage of wafers used to create semiconductor chips which is a vital component in mining rigs,” Grodzki detailed. “Our strategy will be to continue to grow our own infrastructure and professional operations and conduct mining in our own facilities which increase operational efficiency and profitability,” he added.
News.Bitcoin.com reported last week that Chinese mining manufacturers are hard-pressed from demand and nearly every manufacturer of next-generation rigs are completely sold out. Even the Bitfarm announcement itself notes that delivery is slated for at least by or in January 2022 and “the final mining rigs expected to arrive in December 2022.” Many publicly listed mining firms have leveraged their massive buying power in order to procure ASIC mining rigs in advance.
Moreover, Bitfarm’s 48,000 Microbt Whatsminer rig purchase, is the second-largest mining acquisition since Marathon Patent Group settled a record-breaking purchase for 70,000 high-performance Bitmain Antminer S19s at the end of 2020. Bitfarm’s deal announcement with Microbt did not disclose a dollar-purchasing amount for the 48,000 miners. Marathon did disclose in December that it spent $170 million in its agreement with the Chinese mining rig manufacturer Bitmain.
Not bothered: Miners ‘not impacted by volatility’ in Bitcoin market
In the face of extreme fear in the Bitcoin market, miners are unfazed and may even welcome a downturn as it opens up the opportunity to gain more hashing power.
Despite the steadily declining prices of Bitcoin (BTC) and turmoil on the markets today, some of the largest mining companies are unfazed and insist their operations will not be affected by negative price volatility.
Some even see it as an opportunity to gain market share as smaller competitors collapse.
Bitcoin prices have been on a steady decline all year up to the past 24 hours, when the crash accelerated to reach the lowest point since December 2020. However, miners have not been deterred amid that tremendous pressure. Some may even have more fervor for mining if the downtrend in Bitcoin continues through 2022.
Each of three different mining operations — two large public companies and one private mining company — that Cointelegraph reached out to shared chilled emotions about the prospects of a bear market. They believe it will have little to no effect on their business plans.
Bitcoin miner Marathon Digital Holdings said that its “asset-light strategy” will keep it insulated from nearly all the effects of a bear market. Charlie Schumacher, vice president of corporate communications of Marathon Digital, told Cointelegraph that it maintained a cost basis of about $6,200 per BTC mined in Q1 by “outsourcing the muscle of our operations and keeping the intellectual power within the firm.”
Marathon is the third-largest holder of Bitcoin among public companies, according to BitcoinTreasuries. It has the capacity to generate 3.9 exahashes (EH/s) of hashing power. Marathon Digital stocks are down 15.42% and are trading at $9.97 in after-hours trading. It is down 92.6% from its December 2014 high of $134.72.
Schumacher added that the exit of other miners due to capital constraints during bear markets creates an opportunity for larger operations like Marathon’s, which can take advantage of lower mining difficulty from a decrease in hashing power and competition on the Bitcoin network:
“As the hash rate declines, there’s a downward difficulty adjustment, which decreases the energy expense for miners who remain hashing. Those who are left standing can therefore benefit by potentially earning more Bitcoin.”
Cointelegraph also received responses from Jason Les, CEO of Riot Blockchain — another large mining company. It currently holds the eighth-most BTC among public companies, according to Bitcoin Treasuries. It controls 3.9 EH/s of hashing power as of March 4 but did not disclose its cost per coin mined.
Riot Blockchain stocks are down 9.16% and are trading at $6.83 in after-hours trading. It is down 90.5% from its February 2021 high of $71.33.
Les also appeared nonchalant about current and future Bitcoin market volatility. Like Marathon and Redivider, Les pointed to his company’s “strong balance sheet with no long-term debt” as key strengths it can rely on from a business perspective. He added that “changes in Bitcoin market conditions do not impact our miner deployment plans, so we continue to grow our hash rate monthly:”
“Riot’s miner deployment plans are not impacted by volatility in Bitcoin, we are focused on building a sustainable business that operates in array Bitcoin market conditions.”
Tom Frazier, CEO of Redivider, is also untroubled by the prospect of a further prolonged downturn. Redivider is a privately-run data center provider for Bitcoin mining operations specializing in Opportunity Zones designed to benefit workers in underprivileged regions of the United States.
The core of Redivider’s 1.5-year-old business is in managing data centers whose Bitcoin hashing power can be rented by mining companies for a fee. Frazier told Cointelegraph on a Wednesday call that if its data centers have no renters at a particular time, Redivider can maintain a revenue stream for all of its facilities at any given time by assuming the hashing power and block rewards for themselves.
He did not disclose what Redivider’s basis price per Bitcoin mined was nor how big its operation is, but he assured Cointelegraph that “our BTC production price won’t be impacted.”
Frazier said that downturns in the Bitcoin market “have little impact on what we do due to our 10-year plan:”
“Corrections in the market are happening because BTC is very volatile, which is in line with any other volatile asset class. That volatility will not impede our strategy. These moments present opportunities.”
Considering the present turmoil in the crypto markets following the collapse of the Terra project and Bitcoin currently trading at $28,931, its lowest level since January 1, 2021, according to CoinGecko data, it may become rapidly apparent whether miners can pounce on the opportunity at their doorsteps as they claim.
https://cointelegraph.com/news/not-bothered-miners-not-impacted-by-volatility-in-bitcoin-market
Bitcoin Interview with MSTR
I'm doing okay here with bitf...
BUT
I'm still doing very well with
mara and riot...
$$$ Cheers $$$
Bitcoin Mining and Energy Consumption
https://bitcoinminingcouncil.com/wp-content/uploads/2022/01/2022.01.18-BMC-Q4-2021.pdf
Cheers
Glta
LOL maybe??
if we let go of...
93% of our employees
would our sp go up to mara and riot levels
boom
ok good to see thanks
Buying OP here! It won't go below 4.40 imo
Bitcoin Volatility Makes Market, Creates Growth Opportunities
https://www.prnewswire.com/news-releases/bitcoin-volatility-makes-market-creates-growth-opportunities-301442612.html
BitFarms Bulls Buy The Dip Following Bitcoin, Ethereum Flash Crash
https://www.benzinga.com/markets/cryptocurrency/21/12/24464594/bitfarms-bulls-buy-the-dip-following-bitcoin-ethereum-flash-crash?utm_campaign=partner_feed&utm_source=TechInvestorNews&utm_medium=partner_feed&utm_content=site
Now these are stats I like, so I'm sticking to this company and am adding on any selloffs into two accts., as I did this week.: Canadian BTC mining giant, Bitfarms Ltd's (BITF) price return over the past year stood at +1,166.67% with a market cap of $1.44 billion.
Suggestions for best crypto exchange in the US?:
First, BITF, is my favorite of the miners. Others are good, but IMHO BITF is the best, so it is my largest position. This cycle I am just going the miner route, but want to select and set up my first exchange account to get ready for the next cycle, or maybe to move some into this cycle if it carries on into 2022.
Now, I have been going round and round about what crypto exchange would be best to set up an account with here in the US, afraid to make a wrong decision. Coinbase? Genesis? Kraken? Other?
Or, what about brokers like Tradestation or other newer entrants into the space?
And, excuse my ignorance, but is it best to get an exchange account first, or go for a wallet first, and sign up for whatever exchange the wallet uses? Or other? There are so many wallets out there, so many advertising, and apparently I am learning that not all exchanges allow the transfer to outside non-custodial cold wallets, so that might be a factor as well.
Thanks for any suggestions, with explanations!!!!
Bitfarms Ltd. (NASDAQ: BITF) (TSX.V: BITF) CEO Emiliano Grodzki: "Bitcoin Miner Consolidation Is Coming - We're Shopping for Acquisitions"
"...Today, we have a combined total of 10 farms in operation and development, with planed capacity of 404 megawatts and 48,000 miners slated for delivery in 2022. With our strengthened balance sheet and flexible capital plan, we are well positioned to reach our targeted exahash rate of 3 by March 31, 2022, and 8 by December 31, 2022....We've been actively looking at opportunities to buy companies and assets going back to last December. We only closed one of those transactions, and that was Washington for 24 megawatts. In terms of size, we wouldn't be interested in looking at anything less than 10 to 20 megawatts of size, because that's about the size that makes sense to make it worthwhile for us. We certainly are more attracted to the bigger opportunities where there's scale..."
"...We've seen quite a few private company opportunities with mid-sized companies, but they don't really have a distinctive advantage in terms of electricity contracts, and their miners have been getting old. They don't have access to capital, they can't upgrade their fleet and as a result, without an attractive electricity contract and an aging fleet. It's not very attractive to us. But if there's an opportunity that comes around, whether it's private or public, where there is a good electricity contract, half decent team and a good layout, we'd be very interested in taking a look...And I expect we'll continue to see opportunities, the lifecycle hypothesis suggests that there will be a consolidation in this industry coming. I think we're just starting to see parts of it now. So our eyes are open. And because of our team and our expertise and deploying new facilities, I think we're an attractive partner for anybody that wants to come to us, particularly given our growing international expertise..."
I'm watching the trades. Why do many only show ONE share traded?
BITF's OTC listed phone number is BNY Mellon bank. It looks like a major bank just entered the bitcoin marketplace!!!!!
Watching this one move!
Bitfarms Ltd. (BITF) CEO Emiliano Grodzki on Q3 2021 Results - Earnings Call Transcript
Nov. 15, 2021 9:35 PM ETBitfarms Ltd. (BITF)
Bitfarms Ltd. (NASDAQ:BITF) Q3 2021 Earnings Conference Call November 15, 2021 5:30 PM ET
Company Participants
David Barnard - LHA Investor Relations
Geoff Morphy - President
Jeff Lucas - Chief Financial Officer
Emiliano Grodzki - Chief Executive Officer
Conference Call Participants
Operator
Good day. Thank you for standing by and welcome to the Bitfarms Third Quarter 2021 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to David Barnard of LHA Investor Relations. Please go ahead.
David Barnard
Thank you. Good afternoon, everyone. And welcome to the Bitfarms conference call for the third quarter 2021. With me on the call today is Emiliano Grodzki, Chief Executive Officer of Bitfarms, Geoff Morphy, President and Jeff Lucas, Chief Financial Officer.
Before we begin, please note this call is being webcast live with an accompanying presentation. To watch along with the slides you can log on to our website under investors on your presentations. If you prefer to listen to the call on your smartphone, you can download the presentation from there as well. I would like to remind you that shortly after the market closed today, momentarily Bitfarms, press release announcing its third quarter 2021 financial results.
Turning to Slide 2, I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements, and these statements include Bitfarms cautions and listeners to that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company.
Listeners should not place undue reliance on forward-looking information or statements. Please see today's press release and refer to those risks set out in Bitfarms public documents filed on www.sedar.com and www.sec.gov/edgar. The company undertakes no obligation to revise or update any forward-looking information or statements other than as required by applicable securities laws.
During this call, the Company will refer to certain matters not recognized under IFRS and do not have a standardized meaning prescribed by IFRS and therefore may be comparable to – not be comparable to similar measures presented by other companies.
The Company uses the following non-IFRS measures: gross mining profit; gross mining margin; EBITDA, EBITDA margin; adjusted EBITDA and adjusted EBITDA margin as additional information to complement IFRS measures to provide a further understanding of the Company’s results of operations from management’s perspective.
Gross mining profit is defined as gross profit, excluding depreciation and amortization and other minor items included in cost of sales for the mining segment of the company. Gross mining margin is defined as a percentage obtained when dividing gross mining profit by revenues for the mining segment of the company. Direct cost of production represents the direct cost of Bitcoin based on the total electricity costs and hosting costs related to the mining of Bitcoin, divided by the total Bitcoin mined.
We invite listeners to refer today’s earnings release and the Company’s Q3 2021 Management’s Discussion & Analysis for definitions of the aforementioned non-IFRS measures and reconciliations to IFRS measures. Please note that all financial references are denominated in U.S. dollars, unless otherwise noted.
Today, Geoff Morphy will review our operations for the quarter. CFO, Jeff Lucas will follow the details of financial review, and CEO, Emiliano Grodzki will close with a review of our vision and expectations. We have requested investors to send questions in advance, which I will read to management after we open the call to analysts interested in live Q&A.
And now turning to Slide 3, it's my pleasure to turn the call over to Geoff Morphy. Geoff, over to you.
Geoff Morphy
Thank you, David. I'd like to extend a warm welcome to everyone on today's call. The third quarter of 2021 was a resounding success for Bitfarms, as demonstrated by growth in our operational and financial metrics, many of which were at record levels.
We increased production across many of our facilities, which in turn increased our hash rate, and I'm excited to announce that we have now exceeded 2 exahash per second.
During the third quarter, we made 1,051 Bitcoin, a 38% sequential increase over the second quarter of 2021. And we lowered our average cost of production to approximately $6,900 per Bitcoin from $9,000 per Bitcoin in the second quarter of 2021.
Well, on the topic of costs, just last week, we acquired a new facility in Washington state, that has an even lower cost of production and is currently averaging about $4,000 per Bitcoin.
These metrics are a true testament to our investment and growth and the dedication of the Bitfarms team. This acquisition brings us to six farms in operation, five in Quebec, and one in the United States, with another four farms under construction in Canada, Paraguay and Argentina.
As of today, we have created capacity of 106 megawatts, up from 69 megawatts on June 30. We have also an additional 298 megawatts under development that are expected to come online in 2022. With our 10 farms operational and development, our total plant capacity has reached 404 megawatts.
Combined with our aggressive miner purchases and installations, we have increased our hash rate to over 2 exahash per second or about 2.4 times more than where it was 12 months ago, and increased our daily Bitcoin production to almost 12 Bitcoin per day.
Jeff Lucas will provide more financial details in a moment. First, I’ll review some important highlights. During the third quarter, we grew our total revenues to a record $44.8 million, up 22% sequentially from the second quarter of 2021 and over 550% year-over-year, from $6.8 million in the third quarter of 2020. Gross mining profit reached $35.4 million, another record. Our total liquidity, which includes cash and our Bitcoin inventory, rose $244.5 million.
Please turn to slide 4. Bitfarms continues to attract many new investors. As a reminder to new investors, Bitfarms is one of the largest and most profitable Bitcoin miners in the world. Since our beginning in 2017, we have been vertically integrated, decentralized, global self mining operation.
Our strong in-house capabilities and infrastructure, including our repair center and our wholly owned electrical contractor subsidiary, with over 30 licensed electricians, help ensure that we remain is one of the lowest cost miners in the industry.
Our strategy continues to be to diversify our money portfolio by prioritizing locations with cost effective electricity. Our decentralized farms reduce the risk of interruption while enabled -- while enabling further growth.
We will take advantage of our investment and knowledge of these geographies to take to seize upon additional opportunities. As was the case late last year, and this year, we continue to aggressively seek out attractive opportunities to expand our business in multiple geographies.
Turning to slide five. As mentioned, we recently acquired a fully operational facility in Washington State. This means we now have our first wholly-owned operation in the United States, the largest country for Bitcoin mining.
This highly accretive transaction builds upon and terminates our only hosting agreement, which had been for 12 megawatts. This turnkey operation has 24 megawatts of capacity, 620 petahash and 3.7 in daily Bitcoin production, as well as contracts for hydropower with rates of just $0.026 to $0.031 per kilowatt, or 25% less than our Quebec farms.
Prior to the change of control, we had already installed a number of new S19j Pro miners. Now, as we are working with our previous hosting partner, the integration has been quite smooth. Also, as part of this transaction, we entered into a Memorandum of Understanding to co-develop an expansion of a 75 megawatt substation. If completed, this will increase the total Washington State operation's capacity to as much as 99 megawatts.
I am proud that development efforts in multiple geographies continue on track and we have made significant strides in all facets of operations. I will now summarize some other recent activities.
Please turn to slide six. In Collinsville Quebec, we completely rebuilt our original farm. We leveraged all our latest site development and design expertise from building five farms over the last four years. Some advantages we incorporated include adjusting the transformer placement to reduce wiring, improving the intake and exhaust airflow, and substantially reducing sound emissions. During the rebuild process, we took advantage of our contractual -- of our contractual opportunity to boost our capacity from our original four megawatts to 17 megawatts.
Turning the slide seven in the City of Sherbrooke, Quebec, we reached an agreement with the city to cooperatively develop three new farms and as part of our cooperation agreement, signed in early September, we agreed to eventually retire the original farm located there.
In doing so, we plan to increase our capacity by 78 megawatts to a total of 96 megawatts and in addition, we utilized expertise using the latest and sound mitigation design and technology to update the original farm and substantially reduce its operating decibel levels, and to apply the same expertise to reduce sound propagation at our other farms where residents are in close proximity.
During the past 60 days, we initiated work on two new farms, which refer to as Leger and The Bunker. During the past two weeks, I visited both sites. At the Leger site, the concrete for the footing has been poured. We expect the construction of this 30 megawatt farm to progress over the remainder of 2021 and operations to commence in the first and second quarters of 2022.
The Bunker, a substantial building, is being built in three phases. We expect to turn on 18 megawatts in the first quarter 2022, another 18 megawatts in the second quarter of 2022, another 18 megawatts in the second quarter of 2022 and the final 12 megawatts in the second half of 2022.
Turning to slide 8. In Paraguay, we initiated construction of a 10 megawatt facility. This project is moving quickly. And as previously reported, we expect the complete -- we expected to complete the build-out within the next month and start initial production on scheduled by year end. In the slides you can see the process -- the progress on the building located in [indiscernible], the largest city in Paraguay.
Turning to slide 9. In Argentina, the engineering, design and development work are complete and site preparation is underway. The 210 megawatt facility will consist of four megawatt style buildings inside the gates of a part -- of a private power company, which will utilize available and otherwise stranded power.
As previously reported, we have contracted power at attractive rates of just 2.2 US cents per kilowatt hour, which will substantially reduce our already low cost of mining Bitcoin. In October, we signed engineering contracts and commenced construction. The farm is expected to accommodate over 55,000 miners, including many of the 48,000 latest generation MicroBT miners that Bitfarms purchased in early 2021.
Talking about miners, please turn to slide 10. This summer after the Chinese government's announcement to curtail Bitcoin mining, we took advantage of uncertain market conditions to renegotiate some of the terms of these purchase orders. We were able to fix the average purchase price of the 48,000 Miners at about $38.50 per terahash, which is a considerable reduction from previous market prices and current prices of around $80 per terahash to $100 per terahash.
In so doing, you reduce the overall cost disorder by an estimated $200 million to $250 million. Based on current economics and gross costs, these miners have an expected ROI of approximately 125 days and have an economic and useful life which ships surpass five years. This was a substantial accomplishment brought about by swift action during an unexpected market dynamics.
The 48,000 miners we ordered are still scheduled to be delivered on an equal monthly basis for 2022. The initial monthly deliveries will all be deployed at our existing facilities and facilities currently under construction in Quebec.
Regarding our 2021 minor deliveries, 1,290 were delivered prior to the end of the third quarter. So far in the fourth quarter of 2021, 3,670 miners have been delivered. They help boost their hash rate to over 2 exahash per second this past weekend. Over the remaining two weeks in November, we're supposed to receive almost 3,200 additional miners.
The flexible deployment of our mining assets is a key part of our ongoing fleet optimization strategy. We monitor and move miners to where they will be most efficient. Older miners, even those that are fully depreciated can make economic sense to continue production when located in farms utilizing low cost energy. Shortly, we will start to relocate a substantial number of older and less efficient miners to our new farm in Paraguay.
And last, our average daily production now stands at about 12 Bitcoin per day, which based on recent prices of about $63,500 per Bitcoin equates to approximately $762,000 per day in daily revenue. As construction of our new farms progresses, in the next few months, we will increase capacity, install new miners and continue to grow our hash rate. Towards that end, we remain confident in achieving our goals of 3 exahash per second by March 31, 2022 and 8 exahash per second by December 31, 2022.
Please turn to slide 11. I will now hand the call over to Jeff Lucas.
Jeff Lucas
Thank you, Geoff. On to detailed review of our third quarter. Please note that approximately 97% of our revenue and approximately 99% of our gross profits are contributed by aligning with the remainder from Volta Electrique, 100% wholly-owned electrical contractor subsidiaries.
Today, I will discuss our mining method. In the third quarter of 2021, we joined and generated record mining revenues of $43.5 million, seven times greater than the $6.1 million in the third quarter of 2020, reflecting us exceed in rapidly expanding our footprint, the increase in the average price of Bitcoin, an increase in Bitfarms' hash rate combined with a decrease in overall network difficulty.
During that time, we increase the company's hash rate by 142 petahash per second from 11% to 1,490 petahash per second at September 30. Today, we reported that our hash rate exceeded 2 exahash, a 35% increase since the end of the quarter.
Turning to gross mining profit. In the third quarter of 2021, we reached a record $35.4 million, up sequentially from $28.1 million for the second quarter of 2021. Our gross mining margin expanded to 82% to 79% in the second quarter, or an increase of over three percentage points. This improvement is attributable to several factors including the fact that we are actively purchasing more efficient miners that are beginning to yield more Bitcoin from miner, and we plan to continue to do so in the future. And the fact that we've benefited from the ban of mining in China that reduce the average network competition difficulty for a period of time.
For these reasons our average third quarter 2021 direct costs of production per Bitcoin decrease to about $6,900 from $9,000 in the second quarter of 2021. Furthermore, with the Washington acquisition, we have eliminated all the hosting agreements, which we expect will further improve our margins.
Overall, we continue to focus on being a low cost producer, and we actively drive efficiencies towards this objective in all of our operations, and as we pursue growth opportunities. As Geoff mentioned earlier, our recent acquisition in Washington State comes with the direct costs and production of just $4,000 per Bitcoin, which is well-below our production cost period for third quarter.
Turning now to review of our bottom line improvement, including a gain of $13.9 million for the revaluation of our Bitcoin holdings at September 30, 2021 and $1.9 million pickup on the reversal of impairment charges on early generation miners and existing infrastructure, net income rose to a record $23.7 million in the quarter are $0.13 per fully diluted share. This compares to net loss in the third quarter of 2020 of $4.8 million, which including a $557,000 loss and disposition of miners equates to a net loss of basic share of $0.06.
In the third quarter of 2021, adjusted EBITDA was $31.9 million, up to $23.8 million in the second quarter of 2021, an increase from breakeven in the prior year period. As a result, our adjusted EBITDA margin was 71% in third quarter, up from 65% in the second quarter of 2021.
Turning to slide 12, I will now review the balance sheet. We ended the third quarter with cash of approximately $43.3 million and $101.2 million in Bitcoin for total liquidity of $144.5 million, upfront total liquidity of $5.9 million, consisting of cash only at December 31st 2020.
A cash position reflects a solid financing activity, totaling just under $200 million for the nine months ended September 30th 2021, and in $14.5 million net proceeds from private placements included in the first half of 2021, $60.4 million from the exercise of warrants to stock options $35.2 million, the net proceeds from the sale of 6.3 million shares under an ATM program launched on August 16th 2021, and an average share price of approximately $5.75.
And financing is at $10.5 million excuse me $10.9 million and new long-term debt offset by repayments of $21.4 million to retire existing long-term debt, repay lease liabilities and for other financing costs.
During the nine months, the financing proceeds were mainly used to invest $57.4 million mining and infrastructure equipment, as well as to make prepayments totally $75 million in future mine delivery.
In addition to the financing use of spend our existing Bitcoin retention program. That's the end of the quarter from November 12th we added additional 12.4 million shares under the ATM program, at an average price of $6.06 per share for net proceeds of $72.6 million.
Since the inception of the ATM program, in August 2021 total shares issued under the program were $18.7 million, contributing net proceeds of approximately $108 million. The average price per share sold in the ATM program was $5.96 overall.
This brings us to a discussion of our financing strategy. Our key goals are to fund a plan rapid growth and to maintain sufficient flexibility to enable us to act quickly or an opportunity to be identified, all in a relatively low overall cost of capital.
The ATM program remains one of our financing options. But it is not the only one. We use the ATM judiciously, as a source of funding to pursue a business plan and growth opportunities.
It supported our recent acquisition of Washington State, Payments for mining deliveries in the third and fourth quarters of this year, and the options to purchase of mining. During the third quarter, we continue to grow our asset base, both in Bitcoin and Mines.
We intend to leverage these assets for non-dilutive financing at relatively attractive rates. We are personally evaluating Bitcoin back facilities as well as equipment financing programs.
And, while we have already raised $108 million with the ATM program this flexible financing facility making place and its 22 months outstanding on his term. In addition, with approximately 12 BTC mine daily, the number of Bitcoin in our balance sheet continues to grow adding to overall liquidity and funding capabilities.
We operate in a capital intensive business with strong margins. Our payback period for investing in new mine is quite short it's just seven to nine months, although these assets generally have a useful life of five years or longer.
Given this capital intensity in the short payback periods, one of the goals of our financing strategy has been and continues to be, ensuring the necessary financial flexibility and liquidity for plans and opportunistic purchases and miners in full support of our growth strategy. Being able to move quickly and decisively in this regard continues to be a key advantage for Bitfarms.
Turning to slide 13. I'll now turn the call over to Emi who will close our prepared remarks before opening the call out for Q&A. Emi?
Emiliano Grodzki
Thank you Geoff. As Geoff noted, we recently exceed it 2 Exahash per Second and delivered many financial records this quarter. We are continuing to execute on our growth strategy. Our presence is truly global. With our footprint now expanded to four countries, Canada and the United States are in production. We are expected to begin operation in Paraguay by year end.
Under [Indiscernible] onsite development continues to be on track. We expect this effort to continue to contribute to strong gains in our hash rate and market share. In summary, raising the portfolio of funds in multiple geographies under centralized location is part of our strategic plan to rapidly expand and diversify production operations.
Today, we have a combined total of 10 farms in operation and development, with planed capacity of 404 megawatts and 48,000 miners slated for delivery in 2022. With our strengthened balance sheet and flexible capital plan, we are well positioned to reach our targeted exahash rate of 3 by March 31, 2022, and 8 by December 31, 2022.
Operator, we can now open up the call for questions. Please go ahead. Thank you.
Question-and-Answer Session
Operator
We will now begin the live question-and-answer session. [Operator Instructions]
David Barnard
This is David Barnard with LHA Investor Relations. And we have a number of questions that came in from investors and I could start with some of those. Regarding Washington…
Operator
We have nobody queued. So please…
David Barnard
No, no, no. You queue me. Yes. Hello, this is David Barnard with LHA Investor Relations. And I have some questions that came in from investors.
Emiliano Grodzki
Okay, David, go ahead.
David Barnard
Regarding Washington, Jeff, can we expect these types of acquisitions going forward? And are there other acquisitions being pursued or in consideration? And finally, as a follow on to that part of it, what would be considered too big to handle or perhaps too small to be worth the effort?
Emiliano Grodzki
Thanks, David. It’s a good question. Just to give investors some background, we've been actively looking at opportunities, inorganic opportunities to buy companies and assets going back to last December. As you know, as of a week ago, we only closed one of those transactions, and that was Washington for 24 megawatts.
I think in terms of size, we wouldn't be interested in looking at anything less than 10 to 20 megawatts of size, because that's about the size that makes sense to make it worthwhile for us. We certainly are more attracted to the bigger opportunities where there’s scale.
We've seen quite a few private company opportunities with mid-sized companies, but they don't really have a distinctive advantage in terms of electricity contracts, and their miners have been getting old. And it's basically the -- as the story goes, it's -- they don't have access to capital, they can't upgrade their fleet and as a result, without an attractive electricity contract and an aging fleet. It's not very attractive to us. But if there's an opportunity that comes around, whether it's private or public, where there is a good electricity contract, half decent team and a good layout, we'd be very interested in taking a look.
And I expect we'll continue to see opportunities, the lifecycle hypothesis suggests that there will be a consolidation in this industry coming. I think we're just starting to see parts of it now. So our eyes are open. And because of our team and our expertise and deploying new facilities, I think we're an attractive partner for anybody that wants to come to us, particularly given our growing international expertise.
David Barnard
Great. Thanks, Jeff. Got another question here. And this is for Jeff Lucas. What do you plan to do with the additional funds raised with the ATM going forward?
Jeff Lucas
Well, David, I think our intention is really first of all, is to continue funding the growth initiatives and expansion efforts that we have currently going on in Canada, as well as in Paraguay and certainly Argentina. In addition, we are -- as you pointed out, or attempted to point out certainly in in the previous section of this call, is that we are very often opportunistic in terms of finding additional minor opportunity. It's not unusual for us to be approached by nature of manufacturers and an opportunities where we can get very favorable pricing, but we need the position to move quickly. It is our goal to make sure that we have financial flexibility to do so. And lastly, we also want to be capable in a position to support a lot of the opportunities that you have to go to which may arise relatively suddenly.
David Barnard
Okay. And Jeff, while you’re moving some financial questions, maybe I'll put one to you, that investor has -- what -- why you're not getting the full economic benefit of your Bitcoin holdings and what's your plan in the future regarding those Bitcoin holdings?
Jeff Lucas
Well, we do other potential appetite in Bitcoin we are actually taking -- taking actions now to take advantage of that. And I really think it manifests itself in two forms, one of which is engaging into what we call BTC, collateralized loan facility. Those are relatively attractive interest rates for us. And the benefit of that certainly is that this enabled us to continue our homeless strategy with the Bitcoin that we mined and we can agree name and address dropping finances, actually, to the additional borrowings here. And we are not surprisingly very bullish on Bitcoin overall. And we really feel very strongly that the upside potential of Bitcoin is much greater than the incremental cost of capital and anchoring to these facilities. So for us, it makes a great deal of sense to use that in terms of -- and Bitcoin collateralized facility.
I will comment though, I know some of our peers in the street, use it as a means of generating yield. And while we are always exploring opportunities, such as that we are very, very careful in terms of the custodian responsibilities in counterparty risk. We want to make sure that we've got that fully addressed, and said before we go venture into that area.
And quite frankly, while there are returns from doing so, the yield has stored up there, maybe what, 2% to 4% or so, we're not in a position quite yet to make the assessment, is that worth the additional risk of being incurred on the part of the counterparty?
David Barnard
Okay, great. Another question, too, regarding your Bitcoin mining production, which, as of right now is about 12 per day. And how do you expect that to change as you're increasing your hash rate in the future?
Geoff Morphy
Thanks, David. Geoff Morphy. I'll take that one. With Washington coming online and miners being delivered last week, we just surpassed the two extra hash mark as I mentioned in my remarks, that means we are generating 11.5, 11.6, 11.7 Bitcoin per day right now, very close to the 12 Bitcoin number. And we have -- as I also mentioned, just under 3200 miners arriving over the next couple of weeks, in fact about 3191 miners and we expect that will take us up to about 14 Bitcoin today once they're installed over the next couple of weeks. I hope that answers the question, David.
David Barnard
Yeah. Great. Speaking of miners, could you well, maybe just a little more color on that one. Can you provide an update on the deployment of the recently purchased miners and kind of year to date with the weeks but to expect in terms of your hash rate going forward and into Q1?
Emiliano Grodzki
Okay. The new miners which had been a combination of the Bitmain, SJ -- S19j Pros, and what's minor M30S series, more of the Bitmain and MicroBT miners. We have in September received 1290 of them. They were split between Washington and our updated Collinsville facility. In October, we shipped most of S19j Pro miners to Washington to upgrade and fill out that facility.
Some of the M30S miners were deployed in Collinsville. So far in November, we've had 5 shipments, they've all been the S19j Pros, they've all gone to Washington. And then the remaining almost 3200 miners, most -- over half of them are going to Washington. Some are going to Collinsville and some are going to Saint Hyacinthe to upgrade that facility and prepare for -- to deploy -- take out some of these, older miners out of that facility and get them ready for Paraguay.
So, right now we're over two exahash, that number will be increasing as these miners are plugged in over the next couple of weeks. And then we're going to turn on Paraguay, get some initial production there before the end of the year. And we expect the bunker -- phase one of the bunker has to start coming on early next year as well. So, it's through those developments that we expect to hit 3 exahash on target by the end of the first quarter of 2022.
David Barnard
Great. One other question, have here gets back to the maybe the economics and looking at your direct cost of Bitcoin went down in Q3 from Q2, and do you see it going down further in the fourth quarter and maybe just a little color on kind of the drivers and in terms of those costs?
Emiliano Grodzki
Jeff Lucas, I think that's a good question for you to handle.
Jeff Lucas
Sure, I'll take that one. So starting off at the easier to respond to initially, the fact that there are macro factors at play here, obviously, during the period the overall difficulty during the quarter was lower than it was in second quarter. That was a significant driver of the lower cost. But it's also very important to recognize some other attributes here as well. One of which is as pointed out, we are getting now -- putting in place, more efficient miners and so therefore, by generating a lot more Terrahash or having a lot more Terrahash per wattage makes a big difference there.
Secondly, we're also getting some of the benefits and the fact that as you pointed out before that the some of the costs of putting the energy costs in Washington are less expensive, we're going to be getting the benefits of those going forward, even though from the low cost that we see a $0.04 per kilowatt hour that we currently have in Canada. So that's some of the drivers behind that.
In addition to that as we have more Bitcoins, we obviously also have the benefits of having a larger base over our fixed costs. Now fixed costs in the mining business, as many of you are aware, it's not a very large portion of the overall cost structure. But still, it does make a contribution. So overall, we've benefited from the macro perspective, in terms of what's happening in China. We've also put in place and effectuate a lot of efficiencies here that have made a difference in our overall cost.
The last thing that comes into play here that I do want to add here is that, during the second and third quarters, a portion of our Bitcoin was generated facilities where we'd like hosting services. And as many of you are aware, there was a profit sharing arrangement with that, which can have a very material impact on the cost of that Bitcoin. And so, I will tell you that, what we indicate here in terms of our Bitcoin costs for the second and third quarters, that's about $400 to $600 per Bitcoin more in terms of the cars, and without having that going in now in the fourth quarter here, that's certainly going to help our overall Bitcoin costs going forward.
David Barnard
Great. And maybe just I have one more that you can take from the investors out there and kind of sum up with kind of a long term corporate plan and corporate strategy is really, what are Bitfarms plans beyond 2022. And maybe just to get some highlights what you're looking at in 2022. And then after that, what do you think the strategy is going?
Geoff Morphy
David, let me start with the question then Emi or Jeff jump in after me. 2022 is going to be such an exciting year for us as we go from two exahash, where we are now to three exahash in the first quarter to eight exahash by the end of next year. And that will bringing on the full production from our new facilities in Quebec, bringing on the full capabilities in Argentina, as well as Paraguay. I expect there's probably other opportunities in Washington, and hopefully Quebec to even go beyond that.
But 2022 is a year in which we need to execute. We've told investors since March, that it's time to really lay it down. And that's what we plan to do. But we have been building on the team in Canada and the United States. We've been building on a team in South America. And we were structured for success. The team is expanding, and we've got some great talent. And we're going to be adding some more in the next little while to make sure that we do this efficiently and have the team to distort this company into the future.
But beyond 2022, I think we've been strategic about this. We've said that, we're going to look for additional opportunities in Canada. Quebec is a wonderful province with a lot of hydroelectricity. There's other places in Canada that we were in discussions as well. The United States, Washington hydroelectric power, the Columbia provides a lot of hydroelectric power in that area. There's opportunities there both for organic and inorganic expansion and down in South America.
As people have started understand what we do, we're getting interest from a lot of different quarters and a lot of different countries. So, I expect we will carry on and find additional opportunities in Argentina, in Paraguay, and perhaps some of the other countries in South America as well. Plus, we have some other early stage discussions elsewhere in the world as well. So, I think the type of investment that we've done in our team and our know-how is really going to pay dividends and I'm excited about taking that forward in 2022 and beyond. Jeff, anything to add?
Jeff Lucas
Well, this is Jeff here. I want to come to make it. One thing that we're very, very excited about is we've got a very, very talented team at both operators and developers. And as Jeff pointed out earlier on this call here, we get approached by a number of folks who either have maybe a power contract in hand or have some property that many an ideal location in their mind. And we are well positioned to be the ones to really test to make that assessment and evaluation to develop very, very effective plan, and then to operate that.
We are on our sixth iteration of farm design. We've learned an awful lot over these past four years here. And we are in a position to build a team very, very quickly and efficiently and have a very, very effective operation for that. That's one of our greatest grants. And that's where there's a huge amount of leverage recipe exists going forward.
Emiliano Grodzki
Thank you Geoff. As Geoff and Jeff mentioned, I believe that the best asset that we have is the team technologists. We are really operators. We understand pretty well how work our industry is all about efficiency dimension. We have a -- I believe that we have a very clear vision for where this industry is going. And we have a solid plan on place. I'm sure that we will see plenty of new opportunities during the next year for continuous tuning more efficient and efficient our company for prepare the company for the next holding. I’m very glad to have this team are growing day-by-day and continuous learning and deploying all of our power.
David Barnard
Great. Thanks. Thanks Emi. I don't see operator, I don't see any further questions. Maybe we will just hand it back to Geoff Morphy for a couple of closing remarks.
Geoff Morphy
Okay, David, thank you. Well, thank you all for attending today's conference call. We are focused on being one of the largest, most profitable Bitcoin miners. And we look forward to updating you our progress in the future.
Please note, we will be presenting at the Ladenburg Thalmann Virtual Tech Expo on November 18th, and the B. Riley Crypto Conference on December 8. So with that, I thank you for coming to our call and listening to us and have a good evening. Thank you.
Emiliano Grodzki
Thank you all.
Operator
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Very Strong 3rd qrtr earnings out in afterhours!
The written PR came out, and within a minute or so the stock started running higher in afterhours. BITF closed normal trading hours green at +$.03, green in a sea of red in the mining group today, another day of very strong relative strength. Last I saw it has so far reached as high as $8.98 in afterhours.
The earnings report is strong on every front, and worth reading. Apparently the cc after was informative, and can at some point soon be available in full thru their website for those who missed it live.
BITF will be going a lot higher, a lot higher!
Bitfarms' hashrate doubles after installing 1.5K more crypto mining machines
Nov. 15, 2021 8:21 AM ETBitfarms Ltd. (BITF)By: Max Gottlich, SA News Editor
Bitfarms (NASDAQ:BITF) stock rises 3.6% in pre-market trading after the company receives and installs 1.5K more Bitmain S19j Pro miners in November, increasing its hashrate to more than 2 Exahash per second.
"In 2022, we expect to ramp our hashrate even faster," said Bitfarms Founder and CEO Emiliano Grodzki. In addition, "We expect to continue to outpace the Bitcoin network to drive even higher Bitcoin production numbers throughout 2022."
Note that 2,701 Bitmain S19j Pro miners are on the way for delivery to be installed throughout the rest of the month.
400 MicroBT M30S miners are also scheduled to be received and installed throughout November, and 48K MicroBT miners have been purchased and are scheduled for delivery in 2022.
In the beginning of October, Bitfarms (BITF) crossed 1.6 EH/s.
https://seekingalpha.com/news/3770560-bitfarms-hashrate-doubles-after-installing-15k-more-crypto-mining-machines
I feel for those poor people that they don`t live near an airport. Long Bitfarms and I'll donate some leaf blowers to assist in the cooling that should satisfy them poor souls. Get the addresses and we can send them some earplugs for Christmas. Blockstream should be ashamed of their business noise and fire all those people that work for them and live in the area making the noise too, shame, shame.
Remember never to live near a train track. freeway, airport, fire station, or ambulance service you might hear some noise, ssssshhhhhhhhhh!!!
Long live those that bitch at and about everything.
Was that politically correct, if not I apologize to all.
Bitfarms in the news
Bitcoin Mining Noise Drives Neighbors Nuts—a Giant Dentist Drill That Won’t Stop
Cryptocurrency operations require banks of computers and fans to cool them, and the din is making people who live nearby frazzled
Nov. 12, 2021 10:30 am ET
The city of Sherbrooke, Quebec, 100 miles east of Montreal, got a big revenue lift when it welcomed Bitfarms, a company that makes cryptocurrencies.
The 500 people who neighbor the company’s computer center got something else: an inescapable drone that is driving many of them crazy.
“It’s comparable to torture,” said Paul Gingues, a Sherbrooke city councilor who has heard the noise and received complaints from constituents.
Toronto-based Bitfarms makes money by using high-powered computers to generate bitcoins, a digital currency. Miners compete to add transactions to bitcoin’s ledger by finding numbers that satisfy a formula; the first to do so are rewarded with new coins. There’s no shortcut, so miners with fast computers—and lots of them—to sift though the possibilities have an edge.
The powerful computers must be cooled by an array of fans. Their whirring noise has left residents who live near cryptocurrency operations in Quebec, Georgia, Montana and other places agitated and frazzled. Some compare it to a giant dentist’s drill, others to a fleet of helicopters taking off in their backyards.
“I wear earplugs inside my own house,” said Annette Tiveron, 74, after a facility owned by Canadian bitcoin company Blockstream opened in her town of Adel, Ga. She can no longer sit on her porch. The noise sounds like 1,000 hair dryers blowing in unison, she said.
Bitcoin’s value has jumped more than 310% in the past year. It hit a new high this month of more than $67,000 per coin, driven by a wave of buying after the first U.S. exchange-traded fund linked to the cryptocurrency started trading. Bitcoin miners like Bitfarms have generated millions of dollars worth of value as a result.
The mining companies say they are putting in quieter equipment and working on adding sound barriers around the plants.
In Georgia, Ms. Tiveron can see the Blockstream facility from her house. She has measured the sound levels with a sound meter at more than 70 decibels from her front porch, as loud as a vacuum cleaner. Indoors, sound levels measured more than 53 decibels, as loud as a dishwasher.
“I was sleeping in the farthest room from the noise and it woke me up,” she said. The noise has persisted despite the layers of insulation, including sheet rock, soundproof boards and batting, that she and her husband, Roland, have put up at a cost of $7,000.
Blockstream, which is based in Victoria, British Columbia, is complying with a memorandum of understanding it signed with the city of Adel in 2019, said Chris Cook, the company’s head of mining. Under the deal, Blockstream must keep the sound levels 500 feet from the facility’s property line at 60 decibels or below, he said. Trouble is, Ms. Tiveron’s house is closer than that distance, which puts her in a gray area, he said.
Blockstream has hired an engineering firm to get accurate sound readings and plans to build a 15-foot-high berm to dampen the sound before it reaches the Tiverons’ property, said Mr. Cook.
To Mr. Cook’s ears, the noise disappears into the background. Blockstream’s facility is located in an industrial zone in Adel that includes a chicken-feed mill and a plant that makes industrial gases such as nitrogen and oxygen. “It’s barely audible,” said Mr. Cook, who works at the facility. “Crickets are significantly louder.”
Victoria Meredith, a former U.S. Air Force physician who is now a Franciscan nun, disagreed with that characterization. She is the steward of the Shaman Wood Sanctuary, a 180-acre nature preserve with oak, pine and persimmon trees neighboring the bitcoin mine.
“There are times when I am on a lawn mower with earplugs in and I can hear the roar of that thing over that other noise,” said Dr. Meredith, who is collecting signatures from the local community to document complaints about Blockstream’s mine.
As the price and popularity of cryptocurrencies increases, more mines are popping up in the U.S. and Canada. The operations are being scrutinized for the amount of energy they use. They are also increasingly being met by noise restrictions and lawsuits.
Local officials in Missoula County, Mont., passed new zoning rules that would restrict how much noise and vibration businesses can create after residents complained about a bitcoin mine that has since gone out of business.
The city of Plattsburgh, N.Y., just south of the U.S.-Canada border, passed a noise ordinance in 2019 to deal with bitcoin mines. The rule came after the city lifted an 18-month ban on approving new cryptocurrency miners.
Joe McMahon, building inspector for the city, said the issue isn’t just the level of sound, measured in decibels, but the frequency, measured by its ability to irritate. He compared the sound of the bitcoin mines to the whine of an airplane engine revving up on the tarmac.
“The numbers themselves don’t tell the whole story,” he said.
As Plattsburgh’s building inspector and chief zoning officer, Mr. McMahon said he has the power to force companies to make changes to their operations if he feels the noise they emit is “objectionable.” He has used that power to encourage cryptocurrency companies to turn down their fans, even though that means they run fewer mining machines and make less money.
“I say, ‘You’re bothering the hell out of these people. Don’t you want to be good neighbors?’ ” he said.
Local crypto miner Zafra LLC, which runs a data center in an old wallpaper mill that now houses crypto mining gear, slowed the speed of its fans after local Plattsburgh residents complained.
“The issue was the hum, the constant hum,” said Ryan Brienza, Zafra’s chief executive.
In Sherbrooke, Bitfarms’ facility is located in an abandoned hockey stick factory on the south shore of the Magog River. The sound of the fans bounces off the wall of a city-bus garage next to the bitcoin mine and is amplified and carried around the neighborhood by the nearby waterway, said Marc Denault, a Sherbrooke city council member.
The racket has forced some people to cover their windows with plywood to keep the sound at bay, he said. “People cannot go outside because there is so much noise,” he said.
Bitfarms in September reached an agreement with Sherbrooke to close its facility by February 2023. The company plans to pare operations at the plant in stages after it opens two new bigger mines in an industrial zone in Sherbrooke over the next several months.
Bitfarms had already done much to accommodate the noise complaints, said Geoff Morphy, president of the company. The crypto miner bought smaller, German-made fans to replace the Chinese-made ones it had originally used in the factory. The company also built a chimney that funneled the sound up and out through the roof of the building, instead of through vents in the walls. It also built a 20-foot-high sound barrier between the mine and the river.
Mr. Morphy said he hasn’t yet received a report from a sound engineering firm Bitfarms hired to measure the effect of the changes. But the difference is obvious to his ears, he said.
“In the past, it sounded like fans blowing loudly. Now, it sounds like fans blowing mildly,” he said.
even $ 25, by 2021 ....
Dang this actually move above $5 and held??? Can $10 be in the near future? We shall see...
GLTA
Highly undervalued. Have 1.50 per share in the bag and the year not over ! New Canadian locations plus cheap hydro and South American x 2 also clean hydroelectric this is 75.00 easy in a year @ 75,000 btc. Also a probable. Load now don’t buy the gold buy the miners!
Depends on Bitcoin ,,,
Where do you see this in a week?
Stocking Stuffer for Christmas....
Yes sir long over due
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