Bitfarms (BITF) Soars to New High on AI Prospects

We recently published 10 Big Names With Explosive Growth. Bitfarms Ltd. (NASDAQ:BITF) is one of the best performers on Wednesday.

Bitfarms rallied for a 5th consecutive day on Wednesday to climb to a new all-time high as investors poured funds into Bitcoin mining stocks amid their gradual transition to high-performance computing (HPC) services to support the growing demand from AI data centers.

Bitfarms Ltd. (NASDAQ:BITF) soared to its highest 52-week price of $4.04 before trimming gains marginally to end the day up 15.27 percent at $4 apiece, mirroring the rally of its counterparts, thanks to a flurry of dealmaking activities across the industry.

Optimism was supported by earlier announcements from Bitfarms Ltd. (NASDAQ:BITF) Chief Executive Officer Ben Gagnon that the company was planning to slowly convert its services to HPC and AI amid higher growth prospects from the industry.

“For us as a business, we are really focused on how to create long-term value for shareholders, and data centers trade at a roughly 20-30x multiple. So instead of investing all this money into energy infrastructure for Bitcoin mining, we can actually convert over those energy assets … to HPC and AI. We can hopefully unlock a big multiple expansion to 20-30x,” he said in an earlier interview with CNBC.

Bitfarms Ltd. (NASDAQ:BITF) currently owns 14 data centers in the US, Canada, and Paraguay, with a total power capacity of 421 megawatts.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.