Bitfarms Ltd. (NASDAQ:BITF) shares are trading slightly higher on Friday.
The company has announced strategic steps to enhance its growth prospects.
The cryptocurrency mining company has engaged two expert consultants, Appleby Strategy Group and World Wide Technology, to conduct a comprehensive feasibility analysis of its North American sites, particularly for high-performance computing and artificial intelligence.
This collaboration aims to explore and enhance the potential of Bitfarms' 1.2 GW North American portfolio for HPC/AI applications, with a focus on maximizing utility and value.
These consultants will also help build sales and development strategies, marketing the sites to potential customers.
Bitfarms CEO Ben Gagnon stated, "The contracts associated with HPC/AI customers provide long-term, steady cash flows and earnings streams while our Bitcoin mining operations will continue to monetize Bitcoin's flexible upside potential, creating a powerful and resilient portfolio that will generate long-term value for our shareholders."
Earlier this week, Bitfarms entered into a binding Letter of Intent to sell its 200 MW mining site in Yguazu, Paraguay, to HIVE Digital Technologies for approximately $85 million.
The sale will significantly reduce Bitfarms' anticipated 2025 capital requirements and rebalance its portfolio to 80% North American and 20% international.
The transaction also benefits the company by reducing power costs and not impacting its miner deployment schedule.
Price Action: BITF shares are trading higher by 1.33% to $1.52 at last check Friday.
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