Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin
self-mining company, provides a Bitcoin production update.
“The increase in month-over-month production in
October 2021 represents a further advancement for Bitfarms and
shows the initial benefit generated as a result of production from
our newly built, larger production facility in Cowansville, Québec.
This, in conjunction with recent miner deliveries and ongoing fleet
optimization, contributed to our achieving a record hashrate of 1.8
exahash per second (EH/s) in late October,” said Emiliano Grodzki,
Bitfarms Founder and Chief Executive Officer. “With new miner
deliveries en route and deliveries continuing throughout November,
this month we expect to grow our hashrate to over 2 EH/s and
improve our electrical efficiency to 44 watts per terahash
(W/TH).”
October 2021 Bitfarms’ Mining Production
Update
- 1.8 EH/s achieved effective October 25, 2021.
- 343 new Bitcoin (BTC) mined during October 2021.
- 2,750 BTC mined in the first ten months of 2021.
- 11+ BTC mined daily on average, equivalent to about US$ 665,500
per day based on a BTC price of US$60,500 on October 31.
- 2,646 BTC deposited into custody for the year through October
31, 2021, representing approximately 96% of Bitfarms’ 2021 BTC
production with a total value of approximately US$160 million based
on a BTC price of US$60,500.
October 2021 Bitfarms’ Mining Operations
Highlights
- 2,869 Bitmain S19j Pro miners received and installed.
- 300 MicroBT M30S miners received and installed.
- The remaining 4,361 Bitmain S19j Pro and 400 MicroBT M30S
miners scheduled for delivery this year are en route and are
expected to be received in multiple batches in November.
- The Cowansville, Québec, farm operated at its fully energized,
upgraded capacity of 17 MW for the month, which is a net increase
of 13 MW.
- Construction commenced on two new farms in Sherbrooke, Québec,
increasing our farms in development from two (Argentina and
Paraguay) to four (Argentina, Paraguay and Quebec).
- Construction also began on a farm in Argentina within the gates
of a private power company that will not receive any government
subsidies.
Bitfarms’ BTC 2021 Monthly
Production
Month |
BTC |
January |
199 |
February |
178 |
March |
221 |
April |
232 |
May |
262 |
June |
265 |
July |
391 |
August |
354 |
September |
305 |
October |
343 |
As previously announced, construction on
high-power production facilities in Paraguay and Argentina is
underway. These strategic investments represent 220 megawatts (MWs)
of combined capacity and are part of Bitfarms plan to grow its
hashrate to 3 EH/s in first quarter 2022 and 8 EH/s by year end
2022.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin
self-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 accounting firm.
To learn more about Bitfarms’ events,
developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io https://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, 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; share dilution
resulting from 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
(which are also available on the website of the U.S. Securities and
Exchange Commission at www.sec.gov), 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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