With Bitcoin mining, and cryptocurrency in general, increasingly fraught with legal peril these days, it makes sense that an operation focused on cryptocurrency should have a solid legal team. Canadian miner Bitfarms (TSE:BITF) recently augmented its own presence therein with a new legal force: a new general counsel. Investors went wild, sending the stock blasting up over 7% in Monday morning’s trading.
As of November 1, 2024, Bitfarms’ general counsel will be Rachel Silverstein, an attorney with 16 years of experience who also serves as one of the leading Bitcoin mining attorneys in the United States. Silverstein has served as lead counsel for quite a bit of Bitcoin mining, representing over one full gigawatt’s worth of transactions across the United States and internationally.
In fact, Silverstein started her own law firm, Firm 21m, which focuses on representing Bitcoin mining operations, as well as energy companies, data centers, and investors in same. Previously, Silverstein was general counsel for CleanSpark (CLSK) and held several other positions.
Gearing Up
And Bitfarms will likely welcome such an impressive new talent; its recent production report highlighted what it has already accomplished, and what it looks to down the line. The September 2024 report—the most recent of its kind—revealed that it has already met its efficiency target for the year with a quarter left to spare.
However, it brought in 217 Bitcoin in that time, which is down 7%, mostly due to rising difficulty in mining Bitcoin in general. Nevertheless, with liquidity standing at $146 million and a recent $10.5 million in Bitcoin sold, its upcoming earnings release, set to take place on November 12, could come out welcome for investors.
Is Bitfarms Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on TSE:BITF stock based on three Buys and one Hold assigned in the past three months, as indicated by the graphic below. After a 92.52% rally in its share price over the past year, the average TSE:BITF price target of C$5.32 per share implies 87.35% upside potential.
