Bitfarms (BFARF) Becomes a Multibagger for Penny Stock Lovers

The strong rally in various cryptocurrencies has also necessitated considerable interest in crypto mining stocks among investors and one of the companies to have been in sharp focus among investors is Bitfarms Ltd (OTC: BFARF).

It is one of the biggest and oldest crypto mining companies in the world and is also known for running a cost-effective operation. Over the course of the past two months, the stock has rallied strongly and gone up by as much as 1050%.

Related:  Tortoise Acquisition II (SNPR) Gains Momentum: A Good Buy For 2021?

Last week, the company announced that it has raised the number of orders for MicroBT M315+ miners from 3000 to 4500 and that is without a doubt a significant development. It was the latest trigger for a rally n the stock. The miners are expected to be delivered to Bitframs on time and are going to be put to work over the course of the next 30 days. Investors could consider adding the stock to their watch lists at this point.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.