Bitfarms Ltd (NASDAQ:BITF) shares are trading higher by 13.4% at $4.23 after the company reported fourth-quarter EPS and sales results were higher year-over-year.
Bitfarms reported quarterly earnings of 5 cents per share. This represents an increase over losses of 6 cents per share from the same period last year. Bitfarms also reported $59.60 million in sales this quarter. This sales figure represents a 426% increase over sales of $11.32 million in the same period last year.
During fourth-quarter 2021, Bitfarms says the company mined 1,045 Bitcoin (CRYPTO: BTC) at an average cost of production of $8,000/BTC. For the full year 2021, Bitfarms mined 3,453 BTC at an average cost of production of $8,100/BTC.
"2021 marked a year of exceptional growth as we delivered fourth quarter and full-year 2021 revenue increases of 426% and 388%, respectively, compared to the same periods in 2020," said Geoff Morphy, Bitfarms' President and COO.
"We drove growth by increasing our hashrate 131% in 2021, and we estimate that we expanded our market share from ~0.6% share of the BTC network to ~1.2% share from year-end 2020 to year-end 2021. From our original base of operations in Canada, we have made significant investments in the United States, Paraguay, and Argentina. We also strengthened management with newly created executive positions internationally in key areas of special projects, human resources, marketing and corporate affairs," Morphy stated.
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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, earning 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.
