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Bitfarms Provides Bitcoin Production Update

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TORONTO, Ontario and BROSSARD, Québec, July 14, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Firm”) (NASDAQ: BITF // TSXV: BITF), a publicly traded Bitcoin mining firm, at the moment powering an estimated 1.5% of the Bitcoin community with better than 99% inexperienced hydroelectricity, as we speak proclaims a Bitcoin manufacturing replace.

Mining Manufacturing Highlights as of July 12, 2021

  • Utilizing inexperienced hydroelectricity, Bitfarms mined 1,357 Bitcoin within the first six months of 2021, the most important variety of Bitcoin mined in North America as reported by publicly traded miners.

  • Deposited 1,445 Bitcoin into custody by July 12, representing over 95% of the Firm’s Bitcoin manufacturing this 12 months.

  • Mined 265 new Bitcoin throughout June 2021, Bitfarms’ largest month-to-month manufacturing price achieved in 2021 and roughly one-third greater than Bitfarms’ mining manufacturing in January 2021.

  • Obtained and put in 1,500 Bitcoin miners from MicroBT in Bitfarms’ Magog information middle, including 120 PH/s of complete manufacturing in June 2021.

Bitcoin Manufacturing Replace

As of July 12, 2021, Bitfarms had mined 1,515 Bitcoin (“BTC”) on a year-to-date foundation. Bitfarms’ manufacturing price by month was:

January 2021:

199 BTC

February 2021:

178 BTC

March 2021:

221 BTC

April 2021:

232 BTC

Could 2021:

262 BTC

June 2021:

265 BTC

July 1-Twelfth 2021:

158 BTC

On July 3, the Bitcoin community skilled its largest issue drop in historical past because of latest macro developments in China. This has resulted in Bitfarms producing considerably larger portions of Bitcoin at a decrease price per Bitcoin produced.

Within the first 12 days of July, Bitfarms mined 158 Bitcoin, greater than half of June’s year-to-date file Bitcoin manufacturing price. Based mostly on present mining circumstances, Bitfarms tasks to mine over 400 Bitcoin within the month of July, which might suggest over 100% extra Bitcoin manufacturing than January and over 50% greater than in June.

“For the final 18 months, Bitfarms has been one of many largest publicly traded producers of Bitcoin and one of many solely firms doing so with better than 99% inexperienced hydroelectricity. With the latest ban on Bitcoin mining in China, Bitfarms has almost doubled its market share and is at the moment producing roughly 13 Bitcoin per day. Studies point out that the ban on crypto mining in China and the exodus of mining rigs searching for new internet hosting could take an prolonged time frame to resolve. Bitfarms is effectively positioned to make the most of the considerably improved financial alternative. With mining issue anticipated to be lowered even additional, and as we proceed to obtain and set up new miners, we imagine that Bitfarms’ market share and our share of block rewards ought to proceed to extend,” commented Emiliano Grodzki, Bitfarms Founder and Chief Govt Officer.

Bitfarms Proclaims Grant of RSUs

Bitfarms additionally proclaims the granting of fifty,000 restricted share items (“RSUs”) to an officer and director of the Firm pursuant to the Firm’s Lengthy Time period Fairness Incentive Plan. Every RSU entitles the holder to obtain one widespread share of the Firm and is topic to vesting circumstances.

About Bitfarms Ltd.

Based in 2017, Bitfarms is a Bitcoin mining firm, operating vertically built-in mining operations with onsite technical restore, proprietary information analytics and Firm-owned electrical engineering and set up providers to ship excessive operational efficiency and uptime.

Having demonstrated fast progress and stellar operations, Bitfarms grew to become the primary Bitcoin mining firm to finish its lengthy kind prospectus with the Ontario Securities Fee and began buying and selling on the TSX-V in July 2019. On February 24, 2021 Bitfarms was honoured to be introduced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms began buying and selling on the Nasdaq Inventory Market.

Bitfarms has a diversified manufacturing platform with 5 industrial scale amenities positioned in Québec. Every facility is over 99% powered with environmentally pleasant hydro energy and secured with long-term energy contracts. Bitfarms is at the moment the one publicly traded pure-play mining firm audited by a Huge 4 audit agency.

To study extra about Bitfarms’ occasions, developments, and on-line communities:

Web site: www.bitfarms.com


Outlined Phrases

Cautionary Assertion

Buying and selling within the securities of the Firm ought to be thought of extremely speculative. No inventory change, securities fee or different regulatory authority has accepted or disapproved the knowledge contained herein. Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) nor some other securities change or regulatory authority accepts duty for the adequacy or accuracy of this launch.

Ahead-Wanting Statements

This information launch comprises sure “forward-looking data” and “forward-looking statements” (collectively, “forward-looking data”) which are based mostly on expectations, estimates and projections as on the date of this information launch. The statements on this launch concerning expectations in respect to Bitfarms’ future price of Bitcoin manufacturing and its future market share and share of block rewards and about different future plans and targets of the Firm are forward-looking data. Different forward-looking data contains, however is just not restricted to, data regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ means to efficiently mine digital forex, income growing as at the moment anticipated, the power to profitably liquidate present and future digital forex stock, volatility of community issue and digital forex costs and the potential ensuing important damaging affect on the Firm’s operations, the development and operation of expanded blockchain infrastructure as at the moment deliberate, and the regulatory setting for cryptocurrency within the relevant jurisdictions.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases akin to “expects”, or “doesn’t anticipate”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “price range”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “might”, “ought to”, “would”, “would possibly” or “will” be taken to happen or be achieved) should not statements of historic reality and could also be forward-looking data.

This forward-looking data is predicated on assumptions and estimates of administration of the Firm on the time they had been made, and includes recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such components embody, amongst others, dangers regarding: the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing; the aggressive nature of the business; forex change dangers; the necessity for the Firm to handle its deliberate progress and growth; the consequences of product improvement and wish for continued know-how change; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the business; community safety dangers; the power of the Firm to take care of correctly working techniques; reliance on key personnel; world financial and monetary market deterioration impeding entry to capital or growing the price of capital; and unstable securities markets impacting safety pricing unrelated to working efficiency. As well as, explicit components that would affect future outcomes of the enterprise of Bitfarms embody, however should not restricted to: the development and operation of blockchain infrastructure could not happen as at the moment deliberate, or in any respect; growth could not materialize as at the moment anticipated, or in any respect; the digital forex market; the power to efficiently mine digital forex; income could not enhance as at the moment anticipated, or in any respect; it will not be attainable to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs could have a big damaging affect on operations; a rise in community issue could have a big damaging affect on operations; the volatility of digital forex costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions, the power to finish present and future financings, any laws or legal guidelines that can forestall Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that might be according to historic costs; an incapability to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the worth of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or growth of any regulation or legislation that can forestall Bitfarms from working its enterprise, or make it extra pricey to take action. For additional data regarding these and different dangers and uncertainties, discuss with the Firm’s filings on www.SEDAR.com together with the annual data kind for the 12 months ended December 31, 2020, filed on April 7, 2021. The Firm has additionally assumed that no important occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to establish essential components that would trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. There might be no assurance that such statements will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on any forward-looking data. The Firm undertakes no obligation to revise or replace any forward-looking data apart from as required by legislation.


Investor Relations:

+1 516 222 2560

US Media:

Jules Abraham, Director of Public Relations

YAP International
Mia Grodsky, Account Govt

Québec Media:

Ryan Affaires publiques
Valérie Pomerleau, Public Affairs and Communications

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