Bitfarms Ltd. (“
Bitfarms”, or the
“
Company”) (TSXV: BITF // OTC:BFARF), today
provides a Bitcoin production update.
Bitcoin Production Update
Since Bitfarms’ founding in 2017, Bitfarms has
mined over 11,300 Bitcoin with 100% renewable hydropower in North
America. Based on public information of other publicly traded
cryptocurrency mining companies, Bitfarms estimates that it has
mined the largest amount of Bitcoin with renewable energy, which is
a testament to its long-standing operational history and early
focus on ESG.
Since starting its Bitcoin Inventory Pilot
Program in early January this year, Bitfarms has been adding almost
all newly mined Bitcoins to its balance sheet. In 2021, through the
close of business on June 9, Bitfarms has added 1,114 mined Bitcoin
to treasury. This Bitcoin is currently worth over US$41 million
based on a Bitcoin price of US$37,000.
Notably, recent developments in China
restricting Bitcoin mining in certain provinces have been
beneficial to Bitfarms. As the hashrate of Chinese miners falls,
Bitfarms has earned higher transaction fees and increased its share
of the total Bitcoin network hashrate. As a result, Bitfarms has
been earning more Bitcoin for the same amount of computational
power and operational cost.
“Since our inception, we have worked at building
an institutional grade and vertically-integrated mining company
with high levels of Bitcoin production at minimal costs. This year
Bitfarms is experiencing its fastest rate of growth ever, while
benefitting from declining network hashrates due to developments in
China. Due to the addition of new and more efficient miners to our
fleet, we expect to more than double our installed hashrate from
now until the end of the year,” said Emiliano Grodzki, Bitfarms’
Chief Executive Officer.
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.
Bitfarms has a diversified production platform
with five industrial scale facilities located in Québec. Each
facility is 100% 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
ESG is the acronym for Environmental, Social,
and (Corporate) Governance
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” 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 the future level of Bitcoin inventory, Bitcoin network
hashrate and 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 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; 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 Marc Duchesne,
Directeur / Directormarc@ryanap.com
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