Revisiting Bitfarms After Its Outstanding Second Quarter

SummaryI will be taking a glimpse back at Bitfarms Ltd. stock and reassessing my analysis given back in May.Being down around 25% since my article on May 12th, I will reinstate my buy rating and offer reasons why I think buying BITF here is a great option.Now down around 75% YTD and nearly 90% from its all-time high, along with other Bitcoin miners, Bitfarms Ltd. has strongly underperformed the broader market.With solid earnings growth relative to its peers and a proven business model through the capitulations of the crypto market, BITF, in my opinion, is primed to outperform moving forward.Bitfarms had an outstanding Q2 2022, installing over 10,300 miners, adding over 900 PH/s to its online hashrate, and exceeding 3.9 EH/s for its corporate hashrate in August.Overview of Bitfarms and Investment ThesisBitfarms (BITF) is a Bitcoin (BTC-USD) mining company based out of Canada and has expanded its operations into countries such as the United States, Argentina, and Paraguay. They have been a vertically integrated, decentralized, self-mining operation since 2017. With its mining farms spread across these three countries, BITF now reportedly has 3.9 EH/s of hashing power and 166 total MW to power the rigs. Focusing on hydroelectricity to power its operations, Bitfarms is ahead of its peers in terms of the ESG side of mining. Competitors like Marathon Digital (MARA) and Riot Blockchain (RIOT) mainly source their operations through fo...