Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a Bitcoin mining
company increased its corporate hashrate to over 1.6 Exahash
per second (EH/s) through the expansion of operations at its
Cowansville, Québec, facility and the installation of 450
newly arrived Bitmain S19j Pro miners.
“Bitfarms is committed to developing the
cost-effective infrastructure to support the 55,000 new generation
Bitcoin mining machines scheduled to be delivered between now and
the end of 2022,” said Emiliano Grodzki, CEO of Bitfarms. “As
Bitfarms upgrades its miner fleet and existing facilities while
expanding into new geographies, we will continue to increase our
ability to produce Bitcoin with greater efficiency across
decentralized operations. Cowansville broadens our footprint in
Canada and marks our first new capacity build-out in Québec in
2021. This is one of many projects that excite us about our growth
opportunities and supports our goal of achieving 3 EH/s by the end
of first quarter of 2022 and 8 EH/s by the end of 2022.”
The Cowansville expansion is a completely new 17
MW facility, which replaces Bitfarms first Bitcoin mining facility
of 4 MW constructed in 2017. Leveraging 4 years of experience,
design, and engineering advances, this facility is expected to
generate greater operating efficiencies, more robust capabilities,
better controls, and lower sound emissions.
Hydro Québec has commenced delivering power to
the facility, effective as of October 1, 2021. The expansion
increases Bitfarms’ operational mining infrastructure in Québec
approximately 19% to 82 MW. Through the redeployment of
existing miners and the installation of an additional 450 Bitmain
S19j Pro miners, Bitfarms has increased the corporate hashrate from
approximately 1.5 EH/s to approximately 1.6 EH/s.
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. In addition,
Bitfarms has announced new high power production facilities will be
built in Québec, Paraguay, and Argentina. 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
MW – Megawatt - A megawatt is a unit for
measuring power that is equivalent to one million watts.
PH – Petahash per second.
EX – Exahash per second.
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), Nasdaq, or
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 information in this release regarding expectations in
respect to investor relation services, its expansion plans, 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”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify 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 including the Company’s ability
to utilize the ATM Program and the prices at which the Company may
sell Common Shares in the ATM Program as well as capital market
conditions in general; 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;
dilution in relation to the Company’s at-the-market offering (the
“ATM Program”) and from other equity issuances; 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:
LHA Investor Relations+1
415-433-3777Investors@bitfarms.com
US
Media: YAP
GlobalMia Grodsky, Account Executivemia@yapglobal.com
Québec Media:
Ryan Affaires publiques Valérie Pomerleau,
Public Affairs and Communicationsvalerie@ryanap.com
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