Bitfarms Ltd. (“
Bitfarms”, or the
“
Company”) (NASDAQ: BITF // TSXV: BITF), a
publicly traded Bitcoin mining company, currently powering
approximately 1.5% of the Bitcoin network with greater than 99%
green hydroelectricity, today announces a Bitcoin production update
and the announcement date of its second quarter 2021 financial
results.
Mining Production Highlights as of
August 1, 2021
- Mined 391 new
Bitcoin during July 2021, Bitfarms’ largest monthly production rate
achieved in 2021 and approximately 96% more than its mining
production in January 2021. The Company is currently mining between
12½ and 13½ Bitcoin each day.
- Mined 1,748
Bitcoin in the first seven months of 2021, the largest number of
Bitcoin mined in North America as reported by publicly traded
miners.
- Deposited
1,678 Bitcoin into custody through August 1, 2021, representing
approximately 96% of the Company’s Bitcoin production this year and
valued at approximately US$69.8 million based on the July 31st
closing price of US$41,626.
Bitcoin Production Update
As of August, 1, 2021, Bitfarms’ year-to-date
Bitcoin (“BTC”) production by month was:
Month |
BTC |
|
January |
199 |
|
February |
178 |
|
March |
221 |
|
April |
232 |
|
May |
262 |
|
June |
265 |
|
July |
391 |
|
As previously noted, recent macroeconomic events
in China have increased Bitfarms’ market share and daily Bitcoin
production rate substantially. This increase in market share
offsets the reduction in Bitcoin price from a high of approximately
US$63,000 in April 2021 to its July 2021 month-end value of
US$41,626. In addition, these recent developments:
- Position the
Company to accumulate more Bitcoin on its balance sheet than
previously anticipated,
- Reduce the
Company’s average cost to produce each Bitcoin in light of the
fixed nature of the majority of its operating costs, and
- Lower capital
requirements by enabling the Company to negotiate substantial price
reductions on its existing hardware purchase agreements for the
55,300 miners scheduled for delivery through the remainder of 2021
and 2022 towards its goal of reaching 8 Exahash of computing power
by year-end 2022.
“We are proud to have added 96% of our 2021
year-to-date Bitcoin mined to our long-term inventory program,”
commented Emiliano Grodzki, Bitfarms Founder and Chief Executive
Officer. “As we work to execute on our growth targets, we
anticipate adding more Bitcoins to our balance sheet at a faster
rate than we have in the first half of 2021,” added Mr.
Grodzki.
Second Quarter 2021 Financial
Results
The Company also announces that it will report
its second quarter 2021 financial results on Monday, August 16,
2021, after the market close.
Management will host a conference call on
Monday, August 16, 2021, at 5:30 p.m. ET to review financial
results. Following management’s formal remarks there will be a
question-and-answer session where management will address
questions. Interested parties may submit questions in advance for
management’s consideration at investors@bitfarms.com through August
12, 2021.
Conference call access
The conference call will be available through a
live webcast found
here:https://services.choruscall.com/mediaframe/webcast.html?webcastid=ksgqlgVN
Participants are asked to pre-register for the
call through the following link:
https://dpregister.com/sreg/10159337/ec19bc7656
Callers who pre-register will be given a
conference passcode and unique PIN to gain immediate access to the
call and bypass the live operator. Participants may pre-register at
any time, including up to and after the call start time.
Those without internet access or unable to
pre-register may dial in by calling: 1-866-777-2509 (domestic),
1-412-317-5413 (international). All callers should dial in
approximately 10 minutes prior to the scheduled start time and ask
to be joined into the Bitfarms call.
A webcast replay of the call will be available
approximately one hour after the end of the call through November
15, 2021, at the above webcast link.
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/
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 its future rate of Bitcoin production, its future
accumulation of Bitcoin, 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; 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 IRJules 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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