Bitfarms (BITF) Finalizes Share Purchase Agreement Regarding Paraguay Mining Site

Bitfarms Ltd. (NASDAQ:BITF) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On June 10, Bitfarms Ltd. (NASDAQ:BITF) announced the filing of a share purchase agreement with Canadian Securities Regulatory Authorities regarding the sale of all issued shares of a corporation owning a bitcoin mining site in Yguazu, Paraguay, to Hive Holdings Paraguay 1 Ltd., Hive Holdings Paraguay 2 Ltd., and Hive Digital Technologies, Ltd.

Is Bitfarms Ltd. (BITF) The Oversold Financial Stock To Buy Right Now?

A bustling server farm, reflecting the company’s investment into cryptocurrency mining.

Management expects this strategic move to affect Bitfarms Ltd.’s (NASDAQ:BITF) operations by diverting its interest in the project in Paraguay, which may potentially affect stakeholder interests and its market positioning.

In other news, Michael Grondahl from Northland Securities maintained a Buy rating on Bitfarms Ltd. (NASDAQ:BITF) on July 16, setting a price target of $3.25.

Bitfarms Ltd. (NASDAQ:BITF) is a vertically integrated Bitcoin mining company based in Canada. It currently has 15 Bitcoin data centers operating in the US, Canada, Argentina, and Paraguay. The company operates server farms that comprise computers (Miners) specifically designed to validate transactions on the Bitcoin Blockchain.

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