Bitfarms Ltd. (“
Bitfarms”, or the
“
Company”) (NASDAQ: BITF // TSXV: BITF), a
publicly traded Bitcoin mining company, currently powering an
estimated 1.5% of the Bitcoin network with greater than 99% green
hydroelectricity, today announces a Bitcoin production update.
Mining Production Highlights as of July
12, 2021
- Using green
hydroelectricity, Bitfarms mined 1,357 Bitcoin in the first six
months of 2021, the largest number of Bitcoin mined in North
America as reported by publicly traded miners.
- Deposited
1,445 Bitcoin into custody through July 12, representing over 95%
of the Company’s Bitcoin production this year.
- Mined 265 new
Bitcoin during June 2021, Bitfarms’ largest monthly production rate
achieved in 2021 and approximately one-third more than Bitfarms’
mining production in January 2021.
- Received and
installed 1,500 Bitcoin miners from MicroBT in Bitfarms’ Magog data
center, adding 120 PH/s of total production in June 2021.
Bitcoin Production Update
As of July 12,
2021, Bitfarms had mined 1,515 Bitcoin (“BTC”) on a year-to-date
basis. Bitfarms’ production rate by month was:
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January 2021: |
199 BTC |
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February 2021: |
178 BTC |
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March 2021: |
221 BTC |
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April 2021: |
232 BTC |
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May 2021: |
262 BTC |
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June 2021: |
265 BTC |
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July 1-12th 2021: |
158 BTC |
On July 3, the Bitcoin network experienced its
largest difficulty drop in history due to recent macro developments
in China. This has resulted in Bitfarms producing significantly
higher quantities of Bitcoin at a lower cost per Bitcoin
produced.
In the first 12 days of July, Bitfarms mined 158
Bitcoin, more than half of June’s year-to-date record Bitcoin
production rate. Based on current mining conditions, Bitfarms
projects to mine over 400 Bitcoin in the month of July, which would
imply over 100% more Bitcoin production than January and over 50%
more than in June.
“For the last 18 months, Bitfarms has been one
of the largest publicly traded producers of Bitcoin and one of the
only companies doing so with greater than 99% green
hydroelectricity. With the recent ban on Bitcoin mining in China,
Bitfarms has nearly doubled its market share and is currently
producing approximately 13 Bitcoin per day. Reports indicate that
the ban on crypto mining in China and the exodus of mining rigs
seeking new hosting may take an extended period of time to resolve.
Bitfarms is well positioned to take advantage of the significantly
improved economic opportunity. With mining difficulty expected to
be reduced even further, and as we continue to receive and install
new miners, we believe that Bitfarms’ market share and our share of
block rewards should continue to increase,” commented Emiliano
Grodzki, Bitfarms Founder and Chief Executive Officer.
Bitfarms Announces Grant of
RSUs
Bitfarms also announces the granting of 50,000
restricted share units (“RSUs”) to an officer and director of the
Company pursuant to the Company’s Long Term Equity Incentive Plan.
Each RSU entitles the holder to receive one common share of the
Company and is subject to vesting conditions.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a Bitcoin mining
company, running vertically integrated mining operations with
onsite technical repair, proprietary data analytics and
Company-owned electrical engineering and installation services to
deliver high operational performance and uptime.
Having demonstrated rapid growth and stellar
operations, Bitfarms became the first Bitcoin mining company to
complete its long form prospectus with the Ontario Securities
Commission and started trading on the TSX-V in July 2019. On
February 24, 2021 Bitfarms was honoured to be announced as a Rising
Star by the TSX-V. On June 21, 2021, Bitfarms started trading on
the Nasdaq Stock Market.
Bitfarms has a diversified production platform
with five industrial scale facilities located in Québec. Each
facility is over 99% powered with environmentally friendly hydro
power and secured with long-term power contracts. Bitfarms is
currently the only publicly traded pure-play mining company audited
by a Big Four audit firm.
To learn more about Bitfarms’ events,
developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Defined Terms
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) nor any
other securities exchange or regulatory authority accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release. The statements in this release regarding expectations in
respect to Bitfarms’ future rate of Bitcoin production and its
future market share and share of block rewards and about other
future plans and objectives of the Company are forward-looking
information. Other forward-looking information includes, but is not
limited to, information concerning: the intentions, plans and
future actions of the Company, as well as Bitfarms’ ability to
successfully mine digital currency, revenue increasing as currently
anticipated, the ability to profitably liquidate current and future
digital currency inventory, volatility of network difficulty and
digital currency prices and the potential resulting significant
negative impact on the Company’s operations, the construction and
operation of expanded blockchain infrastructure as currently
planned, and the regulatory environment for cryptocurrency in the
applicable jurisdictions.
Any statements that involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “should”,
“would”, “might” or “will” be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the global economic climate; dilution;
the Company’s limited operating history; future capital needs and
uncertainty of additional financing; the competitive nature of the
industry; currency exchange risks; the need for the Company to
manage its planned growth and expansion; the effects of product
development and need for continued technology change; protection of
proprietary rights; the effect of government regulation and
compliance on the Company and the industry; network security risks;
the ability of the Company to maintain properly working systems;
reliance on key personnel; global economic and financial market
deterioration impeding access to capital or increasing the cost of
capital; and volatile securities markets impacting security pricing
unrelated to operating performance. In addition, particular factors
that could impact future results of the business of Bitfarms
include, but are not limited to: the construction and operation of
blockchain infrastructure may not occur as currently planned, or at
all; expansion may not materialize as currently anticipated, or at
all; the digital currency market; the ability to successfully mine
digital currency; revenue may not increase as currently
anticipated, or at all; it may not be possible to profitably
liquidate the current digital currency inventory, or at all; a
decline in digital currency prices may have a significant negative
impact on operations; an increase in network difficulty may have a
significant negative impact on operations; the volatility of
digital currency prices; the anticipated growth and sustainability
of hydroelectricity for the purposes of cryptocurrency mining in
the applicable jurisdictions, the ability to complete current and
future financings, any regulations or laws that will prevent
Bitfarms from operating its business; historical prices of digital
currencies and the ability to mine digital currencies that will be
consistent with historical prices; an inability to predict and
counteract the effects of COVID-19 on the business of the Company,
including but not limited to the effects of COVID-19 on the price
of digital currencies, capital market conditions, restriction on
labour and international travel and supply chains; and, the
adoption or expansion of any regulation or law that will prevent
Bitfarms from operating its business, or make it more costly to do
so. For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
including the annual information form for the year ended December
31, 2020, filed on April 7, 2021. The Company has also assumed that
no significant events occur outside of Bitfarms’ normal course of
business. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those expressed in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts
Investor Relations:
CORE IR+1 516 222
2560Investors@bitfarms.com
US Media:
CORE
IR
Jules Abraham, Director of Public Relationsjulesa@coreir.com
YAP GlobalMia Grodsky, Account
Executivemia@yapglobal.com
Québec Media:
Ryan Affaires publiques Valérie Pomerleau,
Public Affairs and Communicationsvalerie@ryanap.com
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