Bitfarms nasdaq Bitf Stock Plummets Amid Earnings Release Date Announcement

Bitfarms (NASDAQ: BITF) Stock Plummets Amid Earnings Release Date Announcement

Bitfarms (NASDAQ: BITF) stock tumbled following its earnings release date announcement.

Bitfarms (BITF) will announce its financial results for the fourth quarter and full year 2023 on Thursday, March 7, 2024, before market hours, offering insights into its recent performance and prospects to investors and stakeholders.

Management at Bitfarms will accompany the release with a conference call on the same day at 8:00 am EST. This call will allow investors, analysts, and the media to engage directly with company executives, discussing the results, strategies, and outlook.

In a recent development, Bitfarms disclosed the completion of land acquisition for its new 100 MW production facility located in Yguazu, Paraguay. The Yguazu project, slated for completion in the latter half of 2024, aims to bolster the company’s infrastructure and pave the way for achieving a corporate hashrate of 21 EH/s by the end of 2024.

Bitfarms expects significant improvements in hashrate, energy efficiency, and cost-effectiveness per Bitcoin with this new facility. The company said it is strategically placing itself to seize potential gains from increasing Bitcoin prices in anticipation of the upcoming Halving event.

Bitfarms (NASDAQ: BITF) Stock Movement

BITF stock plunged 10.73% to close at $3.16 on Wednesday. The traders had exchanged hands with 56,409,241(56.40 million) shares compared to the average daily trading volume of 32.61 million.