Bitfarms Ltd BITF shares are trading up 13.4% at $4.23 after the company announced fourth-quarter EPS and sales results were higher year-over-year.
Bitfarms reported quarterly earnings of 5 cents per share. This represents an increase from losses of 6 cents per share over the same period last year. Bitfarms also reported sales of $59.60 million this quarter. This revenue represents a 426% increase over sales of $11.32 million in the same period last year.
During the fourth quarter of 2021, Bitfarms says the company mined 1,045 Bitcoin BTC/USD at an average production cost of $8,000/BTC. For the year 2021, Bitfarms mined 3,453 BTC at an average production cost of $8,100/BTC.
“2021 marked a year of exceptional growth, as we recorded revenue increases of 426% and 388%, respectively, in the fourth quarter and full year 2021, compared to the same periods in 2020”, said Geoff MorphyPresident and COO of Bitfarms.
“We have driven growth by increasing our hashrate by 131% in 2021, and we estimate that we have expanded our market share from ~0.6% BTC network share to ~1.2% end-of-year share. year 2020 to the end of 2021. From our original base of operations in Canada, we have made significant investments in the United States, Paraguay and Argentina.We have also reinforced management with newly created leadership positions across internationally in the key areas of special projects, human resources, marketing and corporate affairs,” said Morphy.
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Bitfarms owns and operates blockchain farms that power the global decentralized financial economy. It provides computing power to cryptocurrency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash, collecting fees from each network for securing and processing transactions.
Bitfarms has a 52-week high of $9.36 and a 52-week low of $2.75.