– The Bunker Section 2 boosts capability by 18 megawatts –
– Day by day BTC manufacturing reaches 16.8 –
This information launch constitutes a “designated information launch” for functions of the Firm’s prospectus complement dated August 16, 2021 to its brief type base shelf prospectus dated August 12, 2021.
TORONTO, Ontario and BROSSARD, Québec, July 28, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a worldwide Bitcoin self-mining firm, accomplished the second part of its enlargement of The Bunker, offering a further 18 megawatts (MW) of capability and boosting the Firm’s company hashrate by 200 petahash per second (PH/s) to a complete of three.8 exahash per second (EH/s). This brings Bitfarms’ present manufacturing above 16 bitcoin (BTC) per day.
“Finishing Section 2 of The Bunker enlargement is a strategic milestone that contributed to rising our hashrate to three.8 exahash per second (EH/s), up 5.5% from the start of July,” stated Geoff Morphy, President and COO of Bitfarms. “Along with a further 3 MW of low-cost hydropower that went on-line this month at our mining facility in Washington state, our whole working capability is now 158 MW. Considerably, with our greater hashrate got here a rise in our present manufacturing to 16.8 BTC/day, a 15% enhance from 14.6 BTC/day on the finish of June.”
“This previous week, we now have been selectively redeploying some mining property whereas persevering with to deliver new miners on-line. Coupled with slight delays in receiving new mining shipments, the web impact is we count on to expertise a extra gradual enhance in our hashrate and attain our 4 EH/s aim in early August. As well as, we stay assured in executing our present worldwide progress plan and reaching 6 EH/s by 12 months finish,” added Morphy.
The Bunker – Section 2
Below Section 2 of The Bunker enlargement, miner installations are within the technique of completion and, to this point, 9,450 miners have been put in. Along with Section 1, which first turned operational in March 2022, this location is presently working at 36 MW and yielding 848 PH/s.
Section 3 of The Bunker build-out, representing a further 12 MW, is underway. This part is deliberate to carry one other 3,250 miners and produce roughly 325 PH/s with completion anticipated later this 12 months.
Provides 3 MW in Washington State
In Washington state, Bitfarms continues to learn from low-cost hydropower and secure electrical energy charges. The added 3 MW facility brings whole manufacturing from our Washington state farms to twenty MW. With low-cost electrical energy and a totally upgraded fleet of miners, the Washington services have the bottom manufacturing value in our international portfolio.
About Bitfarms Ltd.
Based in 2017, Bitfarms is a worldwide Bitcoin self-mining firm, operating vertically built-in mining operations with onsite technical restore, proprietary knowledge analytics and company-owned electrical engineering and set up providers to ship excessive operational efficiency and uptime.
Having demonstrated fast progress and stellar operations, Bitfarms turned the primary Bitcoin mining firm to finish its lengthy type 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. On February 24, 2022, the Firm was additional honoured by the TSX-V as Enterprise 50 Winner, inserting first within the Expertise sector. On April 8, 2022, Bitfarms up-listed from the TSX-V to the TSX.
Operationally, Bitfarms has a diversified manufacturing platform with seven industrial scale services situated in Québec, one in Washington state, and one in Paraguay. 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 Massive 4 accounting agency.
To be taught extra about Bitfarms’ occasions, developments, and on-line communities:
Web site: www.bitfarms.com
Buying and selling within the securities of the Firm must be thought-about extremely speculative. No inventory alternate, securities fee or different regulatory authority has accepted or disapproved the data contained herein. Neither the Toronto Inventory Alternate, Nasdaq, or some other securities alternate or regulatory authority accepts duty for the adequacy or accuracy of this launch.
This information launch comprises sure “forward-looking info” and “forward-looking statements” (collectively, “forward-looking info”) which might be primarily based on expectations, estimates and projections as on the date of this information launch and are lined by protected harbors below Canadian and United States securities legal guidelines. The knowledge on this launch relating to enlargement plans, together with building on the Bunker and in Washington state, expectations for month-to-month and annual progress, targets and objectives for productive capability and hashrates and about different future plans and targets of the Firm are forward-looking info. Different forward-looking info consists of, however just isn’t restricted to, info regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ skill to efficiently mine digital foreign money, income growing as at the moment anticipated, the power to profitably liquidate present and future digital foreign money stock, volatility of community problem and digital foreign money costs and the potential ensuing vital damaging influence 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 (usually however not at all times utilizing phrases similar to “expects”, or “doesn’t count on”, “is predicted”, “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 “might” or “might”, “would”, “would possibly” or “will” be taken to happen or be achieved) should not statements of historic reality and could also be forward-looking info and are supposed to determine forward-looking info.
This forward-looking info is predicated on assumptions and estimates of administration of the Firm on the time they had been made, and entails 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 info. 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, together with the Firm’s skill to make the most of the Firm’s at-the-market providing (the “ATM Program”) and the costs at which the Firm might promote Frequent Shares within the ATM Program, in addition to capital market circumstances on the whole; dangers regarding the technique of sustaining and growing Bitcoin holdings and the influence of depreciating Bitcoin costs on working capital; the aggressive nature of the business; foreign money alternate dangers; the necessity for the Firm to handle its deliberate progress and enlargement; the consequences of product improvement and want for continued expertise change; the power to take care of dependable and economical sources of energy to run its cryptocurrency mining property; the influence of vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions through which the Firm operates; 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 programs; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or growing the price of capital; share dilution ensuing from the ATM Program and from different fairness issuances; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, specific components that would influence future outcomes of the enterprise of Bitfarms embody, however should not restricted to: the development and operation of services might not happen as at the moment deliberate, or in any respect; enlargement might not materialize as at the moment anticipated, or in any respect; the digital foreign money market; the power to efficiently mine digital foreign money; income might not enhance as at the moment anticipated, or in any respect; it is probably not doable to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs might have a big damaging influence on operations; a rise in community problem might have a big damaging influence on operations; the volatility of digital foreign money costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions; the lack to take care of dependable and economical sources of energy for the Firm to function cryptocurrency mining property; the dangers of a rise within the Firm’s electrical energy prices, value of pure fuel, adjustments in foreign money alternate charges, vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions through which the Firm operates and the antagonistic influence on the Firm’s profitability; the power to finish present and future financings, any laws or legal guidelines that may forestall Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that can be in keeping with 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 value of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or enlargement of any regulation or regulation that may forestall Bitfarms from working its enterprise, or make it extra pricey to take action. For additional info regarding these and different dangers and uncertainties, consult with the Firm’s filings on www.SEDAR.com (that are additionally out there on the web site of the U.S. Securities and Alternate Fee at www.sec.gov), together with the annual info type for the year-ended December 31, 2021, filed on March 28, 2022. The Firm has additionally assumed that no vital occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to determine 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 info. The Firm undertakes no obligation to revise or replace any forward-looking info aside from as required by regulation.
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