• Bitfarms Ltd stock has nearly tripled since the start of 2023.
• H.C. Wainwright analyst sees more upside in Bitfarms to $2.0 a share.
• Expansion in Quebec, Paraguay, and Washington State will help the share price as well.

Bitfarms Stock on a Bullish Run

The stock of Bitfarms Ltd has been on a bullish run this year with its shares almost tripling since the start of 2021. This is according to an H.C. Wainwright analyst who recently reiterated his “buy” rating on the bitcoin miner and said its shares could climb up to $2.00 – 80% from here if certain conditions are met.

Fleet Expansion without Further Dilution

The bullish call on Bitfarms stock arrives only hours after the company expanded operations in Argentina that increased its fleet hash to 5 EH/s without further shareholder dilution – an added prize not universally shared across the spectrum of publicly traded bitcoin miners. The estimates for 2023 are based on a hash rate of about 5.7 EH/s which is expected to be hit by September this year as per their research note.

Other Factors Contributing To Bullishness

In addition to this, other factors contributing towards the bullishness include Bitfarm’s ability to generate cash even during Q4 when things went haywire for crypto space at large, and their gross mining margin (33%) which declined sharply year-over-year but still stood healthy nonetheless according ot H C Wainwright analyst’s research note . He also added that potential upside could be seen from Argentina due to strong balance sheet giving them options to consider additional business development opportunities such as expansion in Quebec, Paraguay, and Washington State which would further help raise the share prices eventually .

Bitfarms: A Profitable Crypto Mining Company?

Overall it seems like establishing itself as one of the profitable crypto mining companies despite uncertain market conditions ,Bitfarms is well on its way towards achieving success . With continuous expansion plans and increasing hash rate , it looks like there’s no stopping them anytime soon !

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