Bitfarms Provides Bitcoin Production and Mining Operations Updates; Over 2,000 Bitcoin in custody

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TORONTO, Ontario and BROSSARD, Québec, Sept. 08, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Company”) (NASDAQ: BITF // TSXV: BITF), a publicly traded Bitcoin mining company currently powering over 1% of the Bitcoin network with greater than 99% green hydroelectricity, today announces a Bitcoin production and operations update.

Mining Production Highlights as of September 1, 2021

  • Mined 354 new Bitcoin during August 2021. The Company is currently mining approximately 10 Bitcoin each day.
  • Mined 745 Bitcoin in the first two months of the third quarter, equivalent to approximately 98% of Bitfarms entire second quarter Bitcoin production.
  • Mined 2,102 Bitcoin in the first eight months of 2021.
  • Deposited 2,028 Bitcoin into custody through September 1, 2021, representing approximately 96% of the Company’s Bitcoin production this year and valued at approximately US$101.4 million based on a Bitcoin price of US$50,000.
  • As of September 1, 2021, Bitfarms’ year-to-date Bitcoin (“BTC”) production by month was:
   
MonthBTC 
January199 
February178 
March221 
April232 
May262 
June265 
July391 
August354 
   

Mining Operations Update

The Company is positioned to make substantial progress over the remaining months of 2021 towards its goals of 3 Exahash by first quarter 2022 and 8 Exahash by year-end 2022.

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  • Bitfarms is scheduled to receive its first delivery of 7,230 Bitmain S19j Pros before the end of September. These miners will initially be deployed primarily to replace Bitmain S9s, driving significant improvements in total operating hashrate, average operating efficiency, production rate, and reducing average Bitcoin production cost. The additional 723 Petahash per second represent an approximate 50% growth from the Company’s existing network hashrate of 1.4 Exahash per second.
  • Bitfarms’ Cowansville, Quebéc, facility is now operational and expected to be running at full capacity by the end of September. This is expected to contribute approximately 100 Petahash above the current production level.
  • The Company agreed with the City of Sherbrooke, Québec, on a comprehensive plan to accelerate the utilization of all 96 MW of power in new, state-of-the-art facilities in the City.
  • At the beginning of September, Bitfarms continued its geographic expansion with the signing in Paraguay of a five-year lease with an annually-renewable power purchase agreement to secure 10 MW of green hydro electrical capacity at the competitive rate of 3.6 US cents per kilowatt hour. The new Paraguay facility will be used to house approximately 3,000 used miners capable of 150 Petahash per second and is anticipated to be fully operational by December 2021. If the site were fully operational today it would be producing Bitcoin at a cost of approximately US$7,850 per coin. The Company continues to pursue other opportunities within Paraguay to increase it productive capacity.

“As we execute on our expansion plans, we are excited to surpass 2 Exahash per second in the coming months and continue to add most of our mined Bitcoin to treasury at an even faster rate than in the first half of 2021,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “As we work to execute on our growth targets, we are aggressively pursuing opportunities to add new infrastructure to support our equipment acquisitions and look forward to reporting on even greater infrastructure growth in the months ahead,” 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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