TORONTO and BROSSARD, Québec, Sept. 07, 2021 (GLOBE NEWSWIRE) — 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.
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“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.
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