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Monday was a bull ride for Bitfarms (TSXV: Bitf). It was the most actively traded share on the TSX with 10.4 million shares that exchanged hand. That is almost double the average trade volume of 5.4 million. The majority of the trade volume was aimed at the buying momentum, which increased the stock price by 14%.
BitFarms Bull-momentum
The share price of BitFarms has been responding to Bitcoin prices since 28 September: the price of Bitcoin rose by 14.5%, while the share price of BitFarms increased by 34% between September 28 and October 6. The share is sensitive to Bitcoin prices, since the company receives the majority of its income from Bitcoin-Mijnbouw.
BitFarms operates 14 Bitcoin data centers in Canada, the United States and Paraguay, and earns in BTC for delivering Hashing Power and High-Performance Computing (HPC)/Artificial Intelligence (AI) Calculation capacity.
What happened on Monday?
OpenAi has one agreement To use 6 gigawatts AMD Graphic processing units (GPUs) for AI infrastructure, with an implementation of 1 gigawatt that is expected to be completed in 2026. Now BitFarms has no direct correlation with AMD or OpenAi. The OpenAI-AMD deal, however, provided a Bull-momentum in the HPC/AI infrastructure space. This Bull-momentum, in combination with the price rise of BTC, ensured that traders went crazy about BitFarms shares.
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