Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin
mining company, is constructing two new high power production
facilities leased in Sherbrooke, Québec, which are scheduled to be
completed in phases during the first and second quarters of 2022.
The farms’ combined capacity of 78 megawatts (MW) is expected to
accommodate approximately 21,000 new Bitcoin miners and generate
approximately 2.1 Exahash/second (EH/s). Bitfarms currently has
five fully operational farms, and this project expands new farms in
construction from two to four.
“Committed to increasing our capacity and
hashrate in a cost-effective manner, we have been working closely
with the City of Sherbrooke to expedite our expansion,” said
Emiliano Grodzki, CEO of Bitfarms. “Both farms will benefit from
our existing cost-effective contracts that supply green hydro power
at an average cost of just US four cents per kilowatt hour. Similar
to all our other Québec farms, they will be passively cooled by the
Canadian climate, reducing total energy consumption and operating
costs. Most importantly, while also minimizing the risk of
disruptions, these farms continue Bitfarms’ strategy of operating
decentralized facilities to boost our capacity and support our goal
of achieving 3 EH/s by the end of first quarter of 2022 and 8 EH/s
by the end of 2022.”
The Sherbrooke Farms Bitfarms
has energy contracts under the same pricing terms within the
Sherbrooke city limits for 96 MW. Bitfarms plans to eventually
retire the existing 26 MW de la Pointe facility in phases and open
three new farms that will be situated in more remote, less
populated locations and include numerous enhanced sound-reduction
design features as well as monitoring devices outside the facility
to report sound emissions data in real-time. The first two farms –
Leger and The Bunker – when completed are expected to have a
combined capacity of 78 MW. The third farm, when secured, is
expected to have capacity of 18 MW.
Leger: 30 MW Facility expected to
deliver 800 petahash/second (PH/s)
- Construction is underway and is
expected to be completed in the first quarter of 2022.
- 8,000 latest generation miners are
expected to be operational in the second quarter of 2022.
- The facility is expected to yield
approximately 800 PH/s.
The Bunker: 48 MW Facility expected to
deliver 1,300 PH/s
- Construction, expected to be
completed in mid-2022, will be in three phases:
- Phase one, representing 18 MW to be
installed in an already constructed building, is scheduled to begin
internal infrastructure work in the fourth quarter of 2021.
- Phase two, representing 18 MW, is
in a portion of the building still under construction, with
internal infrastructure work to begin in the first quarter of
2022.
- Phase three, representing 12 MW, is
in a portion of the building scheduled to be constructed in the
second quarter of 2022.
- 13,000 miners are expected to be
housed in The Bunker and generate about 1.3 EH/s.
- The first two phases are expected
to hold over 9,750 miners and yield nearly 975 PH/s.
- The third phase is expected to hold
another 3,250 miners and produce approximately 325 PH/s.
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. In addition,
Bitfarms has announced new high power production facilities will be
built in Québec, Paraguay, and Argentina. 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
MW – Megawatt - A megawatt is a unit for measuring power that is
equivalent to one million watts.
PH – Petahash per second. One petahash per
second is one quadrillion (1,000,000,000,000,000) hashes per second
(a measure of the speed of cryptocurrency mining operations).
EX – Exahash per second. One exahash per second is one
quintillion (1,000,000,000,000,000,000) hashes per second.
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 for
the construction, power, capacity and yields of the Company’s new
Sherbrooke production facilities, anticipated mining capacity,
hydroelectricity costs 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: facility construction delays, 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; 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; dilution in relation to 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 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:
LHA Investor Relations+1
415-433-3777Investors@bitfarms.com
US Media:
YAP GlobalMia Grodsky, Account
Executivemia@yapglobal.com
Québec Media:
Ryan Affaires publiques Valérie Pomerleau,
Public Affairs and Communicationsvalerie@ryanap.com
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