Bitcoin Mining Intensifies, Bitfarms Sees Stock Surge

According to Odaily, in its strategic report, 10x Research has identified Bitfarms as a major beneficiary of the ongoing consolidation in the Bitcoin mining industry. Since the report's release, Bitfarms' stock has soared by 25%. Other popular mining stocks, such as Bitdeer, have also performed well, with a 61% increase within two weeks. However, 10x Research still advises investors to proceed with caution. Bitcoin has seen a slight decrease of 1% in these two weeks, failing to break through the resistance of $71,946. While stocks of crypto mining companies like Bitfarms may continue to rise, the preference is to invest under a potential bullish trend of Bitcoin, which is not the current situation. The self-reinforcing Bitcoin mechanism generated less liquidity in February and March. Despite MicroStrategy's announcement of a proposed private issuance of $500 million in convertible preferred notes to purchase more Bitcoin, the market reaction has been relatively calm. This is in contrast to the fourth quarter of 2023 and the first quarter of 2024, when such news led to a significant increase in retail speculation and a rise in funding rates.