Bitfarms (BITF) Jumps 12% as Market Sentiment Turns Upbeat

BITF +12.26%

We recently published 10 Stocks Racking Up Big Gains. Bitfarms Ltd. (NASDAQ:BITF) is one of the top performers of last week.

Bitfarms soared by 12.26 percent on Friday to end at $3.48 apiece, mirroring an overall market optimism, as investors cheered the increasing possibility of an interest rate cut.

The US central bank is set to meet on December 9 and 10 for its last Federal Open Market Committee meeting this year, and economists are placing bets on a 25-basis point rate cut.

Further adding to the sentiment was JPMorgan’s revised outlook late this week, saying that it now expects the Federal Reserve to implement a 0.25 percentage-point cut on December 10 after arguing earlier that it would likely wait until January to lower the benchmark rates.

The overall optimism spilled over to all sectoral indices, having eked out gains during the session. The rally was led by the technology sector, up 30.49 percent.

In other news, Bitfarms Ltd. (NASDAQ:BITF) announced a mixed earnings performance in the third quarter of the year, with net loss widening by 92 percent to $46 million from $24 million in the same period last year.

Revenues, however, surged by 156 percent to $69.2 million from $27.07 million year-on-year.

Bitfarms Ltd. (NASDAQ:BITF) is originally a Bitcoin-mining which is slowly transitioning to high-performance computing (HPC) and AI servicing.

Earlier this month, Bitfarms Ltd. (NASDAQ:BITF) announced plans to convert its 18-MW Bitcoin mining facility in Washington to HPC and AI workloads.

It said that it successfully bagged a $128 million agreement with an unnamed large publicly traded company, under which the latter will supply all critical IT equipment and building materials for 18 MW of gross capacity with an anticipated industry-leading PuE, between 1.2 and 1.3.

The site is targeted for completion in December 2026.

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Disclosure: None. This article is originally published at Insider Monkey.