Bitfarms Ltd. (Nasdaq: BITF // TSXV: BITF), a publicly traded
Bitcoin mining company currently powering over 1% of the Bitcoin
network with greater than 99% green hydroelectricity, announces
today it has reached an agreement with the City of Sherbrooke,
Québec, on a comprehensive agreement to develop 96 MW of hydropower
on an expedited basis. The agreement with the City advances the
Company’s growth goals of 3 Exahash by first quarter 2022 and 8
Exahash by year-end 2022 while addressing residential concerns
about sound emissions.
Under the agreement, Bitfarms’ current
operations in the City of Sherbrooke on Rue de la Pointe will be
replaced by new, high efficiency facilities with next-generation
mining equipment optimized for higher output levels and lower power
consumption. To address the sound level concerns, the new
facilities will be situated in more remote locations and include,
if required, sound monitoring equipment that allows Bitfarms to
adjust operations to reduce sound levels on a real-time basis.
“This agreement is a ‘win-win-win’ for the City,
its residents, and for Bitfarms,” emphasized Emiliano Grodzki,
Chief Executive Officer of Bitfarms. “We regret the inconvenience
to those citizens of Sherbrooke who have been affected by the noise
from our Rue de la Pointe facility. We have invested
considerable resources to be attentive to their expectations and
are committed to meeting with them to address their concerns.
Bitfarms is dedicated to social responsibility globally and within
the communities in which we operate. The City of Sherbrooke is
important to us, and this agreement demonstrates our desire to work
with and support our local communities as we achieve our growth
goals,” added Mr. Grodzki.
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
http://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Defined Terms
MW: Megawatt
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, nor
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 made in good faith by the Company pursuant to the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. The information in this release regarding
expectations in respect to the procurement of miners, Company
expansion plans, including relocation and construction of Bitcoin
mining facilities, and about future plans and objectives of the
Company are forward-looking information. The Company may also
discuss “forward-looking information” or make “forward-looking
statements” in other communications by the Company, including the
conference call related to the Company’s financial results. 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: market conditions and other factors that
may affect the Company’s ability to utilize the ATM Program and the
prices at which the Company may sell Common Shares in the ATM
Program; the dilutive effect of issuances of Common Shares in the
ATM Program; 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
labor 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.comYAP GlobalMia Grodsky,
Account Executivemia@yapglobal.com
Québec Media:
Ryan Affaires publiques Valérie Pomerleau,
Public Affairs and Communicationsvalerie@ryanap.com
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