Bitfarms Increases Bitcoin Production In October 2021, Up 12.5% ​​From September 2021

[ad_1]

– 343 BTC mined, increasing BTC holdings to over 2,640 as of October 31, 2021 – Hash rate exceeds 1.8 exahash per second (EH / s) –

TORONTO, Ontario and BROSSARD, Quebec, Nov 01, 2021 (GLOBE NEWSWIRE) – Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, provides an update on Bitcoin production.

“The month-over-month production increase in October 2021 represents a further step forward for Bitfarms and shows the initial profit generated by production from our new, larger production facility in Cowansville, Quebec. This, together with recent deliveries from miners and continued fleet optimization, contributed to our achievement of a record hash rate of 1.8 exahash per second (EH / s) at the end of October, ”said Emiliano Grodzki. , founder and CEO of Bitfarms. “With new deliveries of miners en route and deliveries continuing throughout November, this month we plan to increase our hash rate to over 2 pe / s and improve our electrical efficiency at 44 watts per terahash (W / TH). “

Bitfarms mining production update for October 2021

1.8 PE / s reached as of October 25, 2021.

343 new Bitcoin (BTC) mined in October 2021.

2,750 BTC mined in the first ten months of 2021.

11+ BTC mined daily on average, which equates to around US $ 665,500 per day based on a BTC price of US $ 60,500 on October 31st.

2,646 BTC on deposit for the year through October 31, 2021, representing approximately 96% of Bitfarms’ 2021 BTC production with a total value of approximately US $ 160 million based on a BTC price of 60,500 US dollars.

Highlights of Bitfarms October 2021 mining operations

2,869 Bitmain S19j Pro miners received and installed.

300 MicroBT M30S miners received and installed.

The remaining 4,361 Bitmain S19j Pro and 400 MicroBT M30S miners scheduled for delivery this year are on their way and are expected to be received in multiple batches in November.

The Cowansville, Quebec farm operated at its upgraded and fully powered capacity of 17 MW for the month, which represents a net increase of 13 MW.

Construction of two new farms has started in Sherbrooke, Quebec, increasing our developing farms from two (Argentina and Paraguay) to four (Argentina, Paraguay and Quebec).

Construction of a farm in Argentina has also started in the gates of a private power company that will not receive any government subsidies.

Bitfarms monthly BTC 2021 production

The story continues

Month

BTC

January

199

February

178

March

221

April

232

May

262

June

265

July

391

August

354

September

305

October

343

As previously announced, construction of high power production facilities in Paraguay and Argentina is underway. These strategic investments represent 220 megawatts (MW) of combined capacity and are part of Bitfarms’ plan to increase its hash rate to 3 PE / s in the first quarter of 2022 and to 8 PE / s by the end of the year. 2022.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin self-mining company, which manages vertically integrated mining operations with on-site technical repairs, proprietary data analytics, and industry-owned electrical engineering and installation services. company to deliver high operational performance and availability.

After demonstrating rapid growth and exceptional operations, Bitfarms became the first Bitcoin mining company to complete its detailed prospectus with the Ontario Securities Commission and began trading on the TSX-V in July 2019. On the 24th. February 2021, Bitfarms was honored 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-sized facilities located in Quebec. Each installation is supplied to more than 99% by hydropower which respects the environment and is secured by long-term electricity contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four accounting firm.

To find out more about Bitfarms events, developments and online communities:

Website: www.bitfarms.com

https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/

Caution

Trading in the securities of the Company should be regarded as highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the Nasdaq or any other stock exchange or regulatory authority accepts the responsibility of the relevance or accuracy of this release.

Forward-looking statements

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as of the date of this press release. The information in this release regarding expectations regarding its future Bitcoin production rate, future Bitcoin accumulation, expansion plans and other future plans and objectives of the Company is forward-looking information. Other forward-looking information includes, without limitation, information regarding: the intentions, plans and future actions of the Company, as well as the ability of Bitfarms to successfully mine digital currency, with revenues increasing as currently expected, the ability to profitably liquidate the current and future digital currency inventory, the volatility of network difficulties and digital currency prices and the resulting potential significant negative impact on the Company’s operations, construction and the operation of an extensive blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrency in applicable jurisdictions.

Any statement that involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance, “anticipates” or “does not anticipate”, “plans”, “Budget”, “planned”, “foresees”, “estimates”, “, events or results“ may ”or“ could ”,“ would ”,“ could ”or“ would ”will be considered as taking place or being achieved ) are not statements of historical fact and may be forward-looking information and are intended to identify – seeking information.

This forward-looking information is based on the assumptions and estimates of the Company’s management at the time they were made, and involves known and unknown risks, uncertainties and other factors that may cause results, performance or actual achievements of the Company differ from the future results, performances or achievements expressed or implied by this forward-looking information. These factors include, among others, risks related to: the global economic climate; dilution; the limited operating history of the Company; future capital requirements and the uncertainty of additional funding, including the Company’s ability to utilize the Company’s market offer (the “ATM Program”) and the prices at which the Company may sell common shares in the ATM program framework, as well as capital market conditions in general; the competitive nature of the industry; currency risks; the need for the Company to manage its planned growth and expansion; the effects of product development and the need for continuous technological change; protection of property rights; the effect of government regulations and compliance on the Company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; dependence on key personnel; deterioration of global economic and financial markets preventing access to capital or increasing the cost of capital; dilution of shares resulting from the ATM program and other share issuances; and volatile stock markets affecting the price of securities unrelated to operational performance. In addition, particular factors that could impact the future results of Bitfarms’ business include, but are not limited to: construction and operation of blockchain infrastructure may not occur as currently planned , or not at all ; the expansion may not materialize as currently planned, or not at all; the digital currency market; the ability to successfully mine digital currency; income may not increase as currently expected, or not at all; it may not be possible to profitably liquidate the current digital currency inventory, if at all; a drop in digital currency prices can have a significant negative impact on operations; an increase in network difficulty can have a significant negative impact on operations; the price volatility of digital currencies; the expected growth and sustainability of hydropower for cryptocurrency mining in applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counter the effects of COVID-19 on the Company’s business, including, but not limited to, the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction of labor and international travel and supply chains; and, the adoption or expansion of any regulations or laws that will prevent Bitfarms from doing business, or make it more costly. For more information regarding these and other risks and uncertainties, see the documents filed by the Company at www.SEDAR.com (which are also available on the United States Securities and Exchange Commission website at www.sec.gov), including the Annual Information Form. for the fiscal year ended December 31, 2020, filed on April 7, 2021. The Company also assumed that no material event occurred outside of the ordinary course of business of Bitfarms. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or planned. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. The Company assumes no obligation to revise or update any forward-looking information other than that required by law.

Contacts

Investor Relations:

LHA Investor Relations +1 [email protected]

American media:

YAP Global Mia Grodsky, responsible for [email protected]

Quebec Media:

Ryan Public Affairs Valérie Pomerleau, Public Affairs and [email protected]

[ad_2]