Why Bitfarms Stock Absolutely Tanked This Week, Sinking Nearly 30%

Compared to Friday's close last week, shares of cryptocurrency mining company Bitfarms (NASDAQ: BITF) have absolutely plunged. Down 29% over the past five days, there are few companies in the market that can match such an ugly weekly return, raising the question: What is going on with this sector?Many investors have noted that there are some potential lights at the end of the tunnel for many Bitcoin miners, such as Bitfarms. These companies are aggressively shifting their business models toward using their computing resources to support data center, cloud, and AI ambitions. Those catalysts should, in theory, play into a bullish thesis for those looking to invest in companies that essentially provide computing power to the market.But not so fast: Let's dive into what drove Bitfarms lower this week, and why this decline looks to be one that could be too dangerous to get contrarian about.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool