Why Bitfarms Plunged 16% This Past Week
I have to admit, I didn't see this past week's move in Bitfarms (NASDAQ: BITF) coming.
In fact, I had just started to reconsider my core thesis around certain Bitcoin mining companies in this sector, with a recent piece on Cleanspark (NASDAQ: CLSK) highlighting its impressive earnings beat (which led to a 14% surge after these numbers were reported). This move suggested to me that many were starting to believe that perhaps all companies in the Bitcoin mining space could effectively transition toward a model in which their compute is effectively rented out to the highest bidder.
That means that data centers, hyperscalers, and other compute-intensive industries looking to dominate their industries could look to Bitcoin miners and their impressive assortment of GPUs and overall compute as a lower-cost way to power their growth.
Source Fool.com
