After reviewing Bitfarms’ (BITF) first-quarter performance, H.C. Wainwright is maintaining its positive outlook, reaffirming a Buy rating and a price target of $4. Analysts at the firm highlight Bitfarms’ ongoing evolution. They see the company shifting its core business from a global Bitcoin mining operation to a U.S.-based energy and computing enterprise, significantly involved in artificial intelligence data center development. Despite this shift, Bitfarms is expected to continue operating one of the industry’s largest and most effective mining infrastructures. In a note to investors, the firm expressed continued optimism about Bitfarms’ Bitcoin mining activities, stating that the business remains considerably undervalued moving into 2025.
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