Friday, October 30, 2020

The latest thing - Bitfarms Ltd. - BITF - Update II

For the record this fukkin chit was $4.80 or somesuch when this spewing appeared. Latest reads "The TSX Venture Exchange has accepted for filing the company's proposal to issue up to one million non-transferable bonus warrants in consideration of a non-binding letter of intent dated Aug. 19, 2020"
In the 'just can't stand it' department we have Bitfarms Ltd. Wes Fulford, Chief Executive Officer, spews the rubbish, and REALLY. Pfffft.

Latest is about "Pierre-Luc Quimper has elected to resign as an Officer and Director of Bitfarms and its subsidiaries, effective today. The Company does not expect this to have an impact on daily operations and Mathieu Vachon, a Founder of Bitfarms and current Director of Software Engineering will continue his oversight of the Company’s operations."

In the 'just can't get enough department' we have an entity delisted from the Tel Aviv Stock Exchange now proudly wearing Venture colors BITF.v. The listing has 57m outstanding giving a market cap, right this instant, of around $215m. A large escrow of 40.3m shares exists, meaning the public float is microscopic tight.

As far as what these capitalists 'do' we have ... "Bitfarms operates blockchain computing centres that power the global decentralized financial economy. Fukkin wowsers.

"Bitfarms operates four facilities in Qu├ębec, Canada which currently generate approximately 308 petahash per second of installed computational power." Double wowsers, thats SOME iffing petahashery. I imagine folks can see where this is heading.
"Cost efficiency, vertical integration and operational excellence." Riiiight. I'm not even gonna bother my little self right now but I'll wager this co is losing multi-millions. ($18,236,000 loss in 2018)

This garbage falls squarely into the 'don't know' category. If you don't 'know' blockchain and blockchain mining don't go anywhere near this grossly overcapped dog at these ridiculous levels.
"Bitfarms secured US$20,000,000 in debt financing made available in four (4) US$5,000,000 tranches tied to the ongoing satisfaction of various operational and corporate milestones. Pursuant to the terms of the loan financing agreement and in connection with the third drawdown, the Company issued 1.67M common share purchase warrants to its lender at an exercise price of US$0.40 per share."