Bitfarms Is No Longer An Under-The-Radar Bitcoin Mining Company

BITF's previous price discovery phase was short-lived but it has gained a lot more attention since.BITF has made tremendous progress in 2021: more than doubled 2020 mining capacity, almost doubled 2020 Bitcoins mined per quarter, and increased Bitcoin holdings from (presumably) none to almost 3,000 Bitcoins.BITF's Q3 total mining cost stands at $25,000 per Bitcoin, down from $33,5000 in Q2, much to our relief.Our valuation framework suggests a price target of $7 (20% upside) and $11 (90% upside) at Bitcoin price of $50,000 and $66,000, respectively.We bought back half of our $10 strike call options sold during our previous coverage to increase our BITF holdings by 25% amid a potential massive head-and-shoulders pattern.