● Operations and production capacity expanded
to ten locations distributed across the Western Hemisphere
● Hashrate climbed to a Company high 4.2 EH/s
online in September 2022
● BTC production powered by 94 percent
hydro-electric energy
This news release constitutes a “designated news release” for
purposes of the Company’s prospectus supplement dated August 16,
2021, to its short form base shelf prospectus dated August 12,
2021.
Following its recent expansion into Argentina, Bitfarms
(NASDAQ/TSX: BITF), a global, award-winning, vertically integrated
Bitcoin mining operation, is proud to celebrate the Company’s
five-year anniversary.
“We feel that the launch of Bitfarms was a remarkable inflection
point for the industry,” said Emiliano Grodzki, Founder and Chief
Executive Officer of Bitfarms. “Built on a vision that the rapid
growth of global crypto asset demand would require a more
thoughtful and sustainable mining partner. Five years into our
mission, we see the shape of things to come and know the road ahead
is very bright.”
Since beginning operations in 2017, Bitfarms has quickly emerged
as one of the world’s most productive Bitcoin miners, exiting
September 2022 at 17 BTC per day. During the past five years, the
Company has grown from operating two farms in Canada with 14
megawatts (MW) of capacity to ten mining facilities across four
countries: Argentina, Canada, Paraguay, and the United States. As
of September 30, 2022, Bitfarms achieved operating capacity of
176MW, a hashrate of 4.2 exahash/second (EH/s), and approximately
2% market share of the Bitcoin network.
“The bitcoin mining industry has faced so much change and
uncertainty during the past five years, but at the same time, it
has created so much opportunity for Bitfarms. We are delighted at
just how much we have been able to achieve,” said Geoff Morphy,
President and COO of Bitfarms. “We have built a world class team –
from the engineers and electricians who service our sites to the
innovative leaders and global operations professionals who manage
our business. Ours is a team of talented and committed
professionals whose hard work and dedication will drive us toward
an even more successful future.”
An Eye Toward the Future
The Company is also leading the industry’s focus on a more
sustainable operating environment. Aligned with the Biden
Administration’s recent Climate and Energy Implications of
Crypto-Assets in the United States report, which outlines the need
for more research and stronger standards in the bitcoin mining
industry, Bitfarms is committed to offsetting environmental
concerns and is presently powers 94% of its operations with
hydropower.
A Valued Voice in the Industry
During the past five years Bitfarms has established itself as an
influential voice in the industry, lending its expertise and
perspective at a variety of noteworthy events. The Company has
several important events slated for the remainder of 2022,
beginning with this year’s Global Bitcoin Mining Data Review for Q3
2022 will be moderated by Ben Gagnon, Chief Mining Officer,
Bitfarms who joins industry champion, Michael Saylor, Executive
Chairman, Microstrategy. The pair plan to discuss key industry
insights on energy efficiency and sustainability, emissions, and
bitcoin economics.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly traded
(NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms runs
vertically integrated mining operations with in-house management
and company-owned electrical engineering, installation service, and
onsite technical repair. The Company’s proprietary data analytics
system delivers best-in-class operational performance and
accelerated uptime.
Bitfarms has 10 mining facilities in operations and development
production around the world, which are housed in four countries:
Canada, the United States, Paraguay, and Argentina. Powered by
predominantly environmentally friendly hydro-electric and long-term
power contracts, Bitfarms is committed to using renewable, locally
based, and often underutilized energy infrastructure.
Bitfarms on the web:
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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 Toronto Stock 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 and are covered by
safe harbors under Canadian and United States securities laws. The
statements and information in this release regarding expansion
plans, including construction in Argentina and Québec, expectations
for monthly growth, targets, and goals for productive capacity and
hashrates and 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 Company’s at-the-market offering (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; risks relating to the strategy of maintaining and
increasing Bitcoin holdings and the impact of depreciating Bitcoin
prices on working capital; 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; the ability to maintain
reliable and economical sources of power to run its cryptocurrency
mining assets; the impact of energy curtailment or regulatory
changes in the energy regimes in the jurisdictions in which the
Company operates; 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; share dilution
resulting from 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 facilities 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 inability to maintain reliable and economical sources of power
for the Company to operate cryptocurrency mining assets; the risks
of an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the adverse impact on the Company’s
profitability; 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
(which are also available on the website of the U.S. Securities and
Exchange Commission at www.sec.gov), including the annual
information form for the year-ended December 31, 2021, filed on
March 28, 2022. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221011005672/en/
LHA Investor Relations David Barnard +1 415-433-3777
Investors@bitfarms.com
Actual Agency Matt Weaver +1 339-234-3332
mediarelations@bitfarms.com
Québec Media: Ryan Affaires Publiques Valérie Pomerleau,
Public Affairs and Communications valerie@ryanap.com
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