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Bitfarms (BITF) has emerged as a leading bitcoin miner in North America, capitalizing on China’s crackdown on crypto mining. However, with the declining popularity of , and an anticipated pullback in the crypto space, will the stock be able to continue soaring? Read more to find out.Bitfarms Ltd. (BITF) is a vertically integrated Bitcoin mining and blockchain infrastructure company based in Québec, Canada. In the wake of a Chinese regulatory crackdown on crypto mining inn China, BITF has been capitalizing on lower bitcoin mining costs and demand for new hosting. The company mined 1,748 bitcoins in 2021 (as of July 31), the highest number versus publicly traded industry peers in North America.
BITF’s shares have gained 1,712.4% in price over the past year and 236.3% year-to-date, owing to strong retail investor interest in the stock. Frequently mentioned in the popular Reddit forum r/wallstreetbets, the company is expected to emerge as a leading Bitcoin mining company as most mining operations gradually shift from China to North America.
However, Bitcoin is rapidly losing its luster as investors switch to more efficient and cost-effective alternatives. Recently, renowned institutional investor Mark Cuban and tech mogul Elon Musk stated that Dogecoin is the strongest cryptocurrency as a medium of exchange. Amid such developments, BITF’s expertise in Bitcoin mining and significant Bitcoin reserves might become redundant.
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