Now, major cryptocurrencies like Bitcoin and Ethereum are available directly on trading platforms, investors can buy exchange-traded funds and non-mining companies have listed on the stock exchange.
While the stock has gone lower, it is still up by more than 50% year to date.
As one of the largest and most cost-effective crypto mining operations, Bitfarms is well positioned to bounce back after the recent pullback.
Increased mining power should enhance the company’s ability to mine more Bitcoin to take advantage of record-high Bitcoin prices.
The company’s partners include exchanges like Binance, service providers like Abra, and hardware manufacturers like Trezor.
Assuming annualized transaction volume of $800 million and a 3.5% average commission rate, the company’s sales should exceed 28 million.
Of course, revenue could be much higher if the value of Bitcoin continues to surge and the number of users continue to expand.
One little-known Canadian IPO has doubled in value in a matter of months, and renowned Canadian stock picker Iain Butler sees a potential millionaire-maker in waiting…
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