New facility in Argentina greatly expands global Bitcoin mining production at a substantially lower cost –
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.
TORONTO, Ontario and BROSSARD, Québec, Oct. 07, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin mining company, signed engineering, procurement and construction (EPC) contracts and commenced construction of a production facility in Argentina. As previously announced in April 2021, the new facility is expected to add up to 210 megawatts (MW) of infrastructure capacity in 2022 at a contracted rate of US 2.2 cents per kilowatt hour with electricity provided by a private power company.
“Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint. Combined with the expansion in Quebec, Canada and our planned build-out in Paraguay, we are positioned to achieve our corporate target of 8 exahash per second by year-end 2022,” said Emiliano Grodzki, CEO of Bitfarms. “The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt hour, substantially reducing our already low cost of mining Bitcoin. Leveraging our expertise and corporate infrastructure, as well as that of our highly respected construction partners, is part of our strategy to grow faster and more efficiently by mining Bitcoin with improved profit margins.”
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Proyectos y Obras Americanas S.A. (“PROA”), which has been engaged to provide engineering, procurement, and construction services for the Argentina facility, has specialized in utility-grade electrical infrastructure and civil construction for almost 60 years. Its relevant expertise includes the design and construction of electrical interconnections, high voltage electrical lines, and transformers needed for operations of the size of the planned Argentina facility. In addition to PROA, Bitfarms has also engaged Dreicon S.A. as an independent engineering firm to oversee construction, quality control and project milestones for the company’s projected buildout schedule.
The New Argentina Facility
Bitfarms’ new production facility will be housed in four warehouse-style buildings inside the gates of a private power company. In light of reduced demand in the rural location where the power company is located, in April 2021 the parties signed a mutually beneficial eight-year, 210 MW power purchase agreement to power the facility. To date, most of the engineering design and development work is complete and site preparation has already begun.
The facility in Argentina is expected to accommodate over 55,000 miners, including many of the 48,000 latest-generation MicroBT miners the company purchased in early 2021. This adds to the approximately 21,500 miners currently online at Bitfarms.
“With five mining facilities up and running in Quebec, Canada, we are building on our proven design, technology expertise and implementation track record, with our sixth, and largest, planned farm in Argentina,” concluded Grodzki. “The management and technology teams are working closely together on this strategic expansion, and several key Argentine hires have already been made.”
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 Canadian 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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