Bitfarms Provides May 2022 Production and Mining Operations Update |


– Extract 431 Bitcoins for an average of 13.9 Bitcoins per day –

This press release constitutes a “designated press release” for the purposes of the Company’s August 16, 2021 brochure supplement to its August 12, 2021 summary basic prospectus.

TORONTO, Ontario and BROSSARD, Quebec, June 1, 2022 (GLOBE NEWSWIRE) – Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin auto mining company, has provided Bitcoin production and mining (BTC) operations. May 2022 update.

“Bitfarms’ mining operations remain profitable; Even with the fall in Bitcoin prices in May, we have achieved strong gross margins, “said Ben Gagnon, head of mining at Bitfarms. enjoys one of the lowest and most competitive costs to produce a Bitcoin worldwide. Our low cost of operations is one of our main strengths. “

“During May, the average daily production increased to 13.9 bitcoins / day, 3% more than the 13.5 BTC / day in April,” said Emiliano Grodzki, CEO of Bitfarms. “We completed the construction of the Leger facility with 7,400 miners generating approximately 740 PH / s,” Grodzki added. “Leger is now our largest site with a production level almost equivalent to Bitfarms’ full hashrate at the end of the second quarter of 2020.”

“The second phase of construction of The Bunker continues and the site’s capacity is expected to increase to 30 MW when completed. With miners’ deliveries on schedule, we expect another solid month of growth as we build our operational hashrate to our next target of 4 exahash per second (EH / s) at the end of the second quarter, “Grodzki concluded.

  • 3.4 EH / s online as of May 31, 2022.
  • 431 new BTCs extracted in May 2022, 6% more than in May 2021.
  • 13.9 BTC extracted on average daily in May, which equates to about $ 431,000 per day and approximately $ 13.3 million per month based on a BTC price of $ 31,000 as of May 31, 2022.
  • 429 BTC of mining operations deposited in custody in May.
  • 6,075 BTC in custody as of May 31, 2022, representing a total value of approximately USD 188 million based on a BTC price of USD 31,000.
  • Construction was completed at Leger Site in Sherbrooke, Quebec.
  • It has permanently reduced the De la Pointe site to 18 MW as part of our relocation and gradual expansion in the city of Sherbrooke.

Bitfarms monthly BTC 2022 production

Month BTC
January 301
February 298
March 363
April 405
May 431

Institutional Investor and Investor Day, June 22, 2022

Bitfarms will host a Day of Institutional Analysts and Investors on June 22, 2022, both online and in person in Montreal. Face-to-face assistance requires prior registration and is available by invitation. For more information, interested parties may contact LHA Investor Relations at bitfarms@lhai.com.

A webcast of the event, along with supporting materials, will be available on the company’s Investor Relations website. Those interested can subscribe to the webcast in advance here:

Once the event is over, a replay of the webcast and related presentation materials will be made available.

Founded in 2017, Bitfarms is a global Bitcoin automotive company, performing vertically integrated mining operations with on-site technical repair, proprietary data analysis, and company-owned electrical installation and engineering services to deliver high operating performance and lead time. activity.

After demonstrating rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long prospectus with the Ontario Securities Commission and began trading on the TSX-V in July 2019. On February 24, 2021 , Bitfarms had the honor of being announced. as Rising Star by the TSX-V. On June 21, 2021, Bitfarms began trading on the Nasdaq stock market. On February 24, 2022, the company was awarded by the TSX-V as Venture 50 Winner, the first place in the Technology sector. On April 8, 2022, Bitfarms upgraded the list from TSX-V to TSX.

Operationally, Bitfarms has a diversified production platform with seven industrial-scale facilities located in Quebec, one in Washington state and one in Paraguay. Each facility is 99% powered by environmentally friendly hydraulic energy and secured with long-term energy contracts. Bitfarms is currently the only publicly traded pure mining company audited by a Big Four accounting firm.

For more information on Bitfarms events, developments, and online communities:

The Company’s stock trading should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. Neither the Toronto Stock Exchange, the Nasdaq nor any other stock exchange or regulatory authority accept responsibility for the adequacy or accuracy of this version.

Prospective 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 and are covered by insurance. ports under the securities laws of Canada and the United States. The statements and information in this release about the expansion plans, including the construction of the Bunker, monthly growth expectations, productive capacity goals and objectives, and hashrates and other future plans and objectives of the Company are forward-looking information. Other forward-looking information includes, but is not limited to, information regarding: the Company’s future intentions, plans and actions, as well as Bitfarms’ ability to successfully extract digital currency, revenue growth as currently planned, and ability to settle profitable. current and future digital currency inventory, network difficulty volatility and digital currency prices, and potential significant negative impact on Company operations, construction and operation of expanded blockchain infrastructure as currently planned, and environment regulations for cryptocurrency in the applicable jurisdictions.

Any statement that involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events, or performance often, but not always, using phrases such as “wait” or “don’t wait” , “anticipate” or “do not anticipate”, “plan”, “budget”, “scheduled”, “forecast”, “estimate”, “believe” or “intend” or variations of such words and phrases or stating that certain actions, events or results “could” or “could”, “could”, “could” or “will” take place or be achieved) are not statements of historical facts and may be prospective information and are intended to identify – seek information.

This forward-looking information is based on assumptions and estimates of the Company’s management at the time it was made, and involves known and unknown risks, uncertainties and other factors that may substantially substantiate the Company’s actual results, performance or achievements. different from any future result, performance or achievement expressed or implied by such forward-looking information. Such factors include, but are not limited to, risks related to: the global economic climate; dilution; limited operating history of the Company; future capital requirements and additional financing uncertainty, including the Company’s ability to use the Company’s market offering (the “ATM Program”) and the prices at which the Company may sell common shares in the ATM program, as well as capital. general market conditions; risks related to the strategy of maintaining and increasing Bitcoin holdings and the impact of the depreciation of Bitcoin prices on working capital; the competitive nature of the industry; exchange rate risks; the need for the Company to manage its projected growth and expansion; the effects of product development and the need for continuous technological change; the ability to maintain reliable and cost-effective energy sources to run their cryptocurrency mining assets; the impact of energy reduction or regulatory changes on energy regimes in the jurisdictions in which the Company operates; protection of property rights; the effect of government regulation and compliance on business and industry; network security risks; the Company’s ability to maintain properly functioning systems; dependence on key personnel; the deterioration of world economic and financial markets that hinders access to capital or increases the cost of capital; the dilution of shares resulting from the ATM Program and other capital issues; and volatile securities markets that affect stock prices unrelated to operating performance. In addition, particular factors that could affect the future performance of Bitfarms’ business include, but are not limited to: the construction and operation of the facility may not occur as currently provided, or may not occur at all; expansion may not materialize as currently anticipated, or nothing at all; the digital currency market; the ability to successfully extract digital currency; revenues may not increase as currently expected, or may not increase at all; it may not be possible to profitably liquidate the current digital currency inventory or anything; a decline in digital currency prices could have a significant negative impact on operations; an increase in network difficulty can have a significant negative impact on operations; the volatility of digital currency prices; the projected growth and sustainability of hydropower for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of energy for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, the cost of natural gas, changes in exchange rates, a reduction in energy or regulatory changes in energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability. ; the ability to complete current and future financing, any regulations or laws that prevent Bitfarms from operating its business; the historical prices of digital currencies and the ability to extract digital currencies that will be consistent with historical prices; the inability to anticipate and counteract 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, work restriction, and international travel and supply chains. ; and, the adoption or extension of any regulations or laws that prevent Bitfarms from operating its business or making it more costly. For more information on these and other risks and uncertainties, please see the Company’s files at www.SEDAR.com (which are also available on the U.S. Securities and Exchange Commission website at www.sec.gov), including the form of annual information. for the year ended December 31, 2021, filed March 28, 2022. The Company also assumed that no significant event occurs outside the normal course of Bitfarms business. While the Company has attempted to identify significant factors that could cause actual results to differ materially from those expressed in the forward-looking statements, there may be other factors that may result in the results not being anticipated, estimated or anticipated. Such statements cannot be guaranteed to be accurate as actual results and future events may differ materially from those provided for in such statements. Consequently, readers should not unduly rely on any prospective information. The Company assumes no obligation to review or update any forward-looking information other than as required by law.

Mia Grodsky, Account Executive

Valérie Pomerleau, Public Affairs and Communications

Copyright 2022 GlobeNewswire, Inc.



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