The Bitfarms share has another 80 % from here, says the analyst

• The analyst of HC Wainwright sees an upward potential of bitfarms to $ 2.0 per share.
• he explained his constructive perspective on Friday in a Research Note.
• The Bitfarms share has almost tripled since the beginning of 2023.

The Shares of Bitfarms LTD have almost tripled since the beginning of the year, but an analyst from HC Wainwright is convinced that the rally is far from over.

The Bitfarms share could rise to $ 2.0

On Friday, Kevin Dede confirmed his purchase recommendation for the Bitcoin miner and said that his shares could rise to $ 2.0-an increase of another 80 % of here.

The interest bully call for Bitfarms shares only comes hours after the company has expanded its business Argentinien that increased its fleet-hash to 5 EH/S.

estimates by Dede for 2023 are based on a hash rate of about 5.7 EH/s-a level of which he is convinced that the miner will achieve it in its September quarter.

This fleet extension was also carried out without further watering down the shareholders-an additional price that is not generally shared via the spectrum of the publicly traded Bitcoin mining companies.

Bitfarms LTD generates cash

The analyst of HC Wainwright remains constructive compared to Bitfarms LTD because it did not slip into a negative eBitda even last year fourth quarter as it went under and over the crypto room.

As further reasons for the constructive assessment of the Bitfarms share, the gross line is mentioned, which declined sharply in 2022 (compared to the previous year), but was still 33 %. said Dede in his Research note :

We understand the potential upward potential in Argentina. With greater financial flexibility through a stronger balance sheet, Bitfarms has the opportunity to consider additional business development opportunities.

The expansion in Quebec, Paraguay and in the state of Washington will also benefit the share price, he concluded.