Bitfarms Ltd. (“
Bitfarms”, or the
“
Company”) (TSXV:BITF) announces that it has
purchased 1,847 WhatsMiner M20S miners from internally developed
cash flow from operations. The new equipment is scheduled to
be delivered within 4 to 5 weeks. Once fully operational, the
mining hardware is expected to add approximately 133 petahash per
second (“PH/s”) to the Company’s installed computing power and
improve computing efficiency to over 15 PH per megawatt (“MW”). In
addition, the Company announces the appointment of John Rim as
Chief Operating Officer and Nicolas Bonta as Chief Development
Officer as well as the resignation of Ryan Hornby as Executive Vice
President and General Counsel of the Company effective June 1,
2020.
New Mining Equipment
Purchase:Each WhatsMiner M20S miner produces an average of
72 terahash per second of computing capacity while consuming
approximately 3.46 kWh of energy, or 48 joules per terahash. The
M20S miners will utilize, in aggregate, approximately 6.2 megawatts
(“MW”) of electricity. Bitfarms expects to have the new M20S
hardware installed and operational by the beginning of July.
“We are pleased that the Company has been able
to utilize its working capital to capitalize on historically low
equipment pricing for the acquisition of the latest batch of mining
equipment. This equipment will further extend the Company’s
position as the most efficient publicly traded cryptocurrency miner
in Canada in terms of computing power relative to electricity
consumption,” commented John Rim, COO & CFO.
Management Appointments and
Changes:John Rim has served as Chief Financial Officer of
the Company since May 22, 2018. Mr. Rim will assume the
responsibilities of Chief Operating Officer in addition to
maintaining his role as Chief Financial Officer of the Company.
Nicolas Bonta has served as the Chairman of the
Board of Directors of Backbone since April 12, 2018. Mr.
Bonta is also a founder of Backbone and a successful entrepreneur
with over 20 years of commercial business experience. Mr.
Bonta will assume the role of Chief Development Officer of the
Company and will be responsible for strategic corporate and
business development.
The Company thanks Mr. Hornby for his
contribution to the Company and wishes him well in his future
endeavours. The Company will continue to be supported by its
external law firms, and has no plans to hire a replacement at this
time.
“We are very pleased to add Nico as our Chief
Development Officer and for John to take on the additional role of
Chief Operating Officer. We have a strong, commercially
experienced, and cohesive management team with proven track records
and we remain committed to growing our Company,” commented Emi
Grodzki, Interim CEO.
About Bitfarms Ltd.The Company
owns and operates computing centres that power the global
decentralized financial economy. Bitfarms provides computing power
to cryptocurrency networks such as Bitcoin, earning fees from each
network for securing and processing transactions. Powered by clean
and competitively priced hydroelectricity, Bitfarms operates 5
computing centres in Québec, Canada. Bitfarms’ experienced
management team includes industrial- scale data centre operators
and capital markets professionals, focused on building
infrastructure for the future by developing and hosting the
ecosystem growing around blockchain-based technologies.
For investor and media inquiries, please
contact:Marc Duchesne+1.514.277.3508marc@ryanap.com
To learn more about Bitfarms’ events,
developments and online
communities:https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/Website:
www.bitfarms.com
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) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain
“forward-looking information” within the meaning of applicable
Canadian securities laws that are based on expectations, estimates
and projections as at the date of this news release. The
information in this release about 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 resulting
significant negative impact on the Company’s operations, the
construction and operation of expanded blockchain infrastructure as
currently planned, and the regulatory environment of cryptocurrency
in the Provinces of Canada.
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
reasonable assumptions and estimates of management of the Company
at the time it was 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 which 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 Province of Québec, 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; and there will be no regulation or law that will
prevent Bitfarms from operating its business. The Company has also
assumed that no significant events occur outside of the Bitfarms’
normal course of business. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, 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 forward-looking information. The Company
undertakes no obligation to revise or update any forward-looking
information other than as required by law.
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