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Seeking Alpha 2022-10-06 22:28:21

Bitfarms Boosting Hashrate As It Prepares For Bitcoin Rebound

SummaryBitfarms increases hashrate as it launches its first warehouse in Argentina.Bitcoin production in August to September dropped almost 10 percent.I've been concerned over it dropping below the $1.00 mark, which could trigger a letter from Nasdaq. So far it has held up well.The near-term performance of Bitfarms is directly connected to the response of the Fed to inflation. The next couple of readings will be important.Bitfarms (BITF) is coming off a weak month, as production fell by almost 10 percent from August to September. Combined with the ongoing weakness of the price of Bitcoin (BTC-USD), it has kept the share price of BITF subdued, even as the market waits for the next CPI reading on October 13, 2022, at 8:30 EST.As with all Bitcoin miners, BITF's share price has been moving in correlation to the decisions by the Federal Reserve in response to its interest rate hikes as it attempts to tame high inflation rates.Barring an unknown Black Swan event, my opinion is we're probably going to see inflation start to fall through the end of 2022, preparing the way for market sentiment to improve, which will attract more money into riskier asset classes like Bitcoin, driving up the share price of BITF.In this article, look at the impact of the Federal Reserve on the company, how the next few months are most likely to play out, and how BITF is positioning itself for the eventual rebound in the price of Bitcoin.How and what BITF ...

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