Bitfarms Supplies April 2022 Manufacturing and Mining

Fenika Bench

– Mines 405 Bitcoins for an Common of 13.5 Bitcoins per Day –
– Will increase Hashrate 600 Petahash to three.3 EH/s –       

This information launch constitutes a “designated information launch” for the needs of the Firm’s prospectus complement dated August 16, 2021 to its quick type base shelf prospectus dated August 12, 2021.

TORONTO, Ontario and BROSSARD, Québec, Could 02, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a worldwide Bitcoin self-mining firm, supplied a Bitcoin (BTC) manufacturing and mining operations replace for April 2022.

“In early April, we surpassed our 3 exahash per second purpose (EH/s) with the beginning of manufacturing at our Leger farm, our ninth working facility. This momentum continued all through the month, with new miner installations driving our hashrate to over 3.3 EH/s at month-end, up 22% from 2.7 EH/s on the finish of March stated Emiliano Grodzki, CEO of Bitfarms. “This incremental capability helped drive our common each day manufacturing in April to 13.5 BTC/day, up 15% from 11.7 BTC/day in March, and I’m proud to say we exited April operating at over 14 BTC/day.”

“We proceed to be on observe to finish the construct out of Leger in Could, in addition to the second part of building at The Bunker in June. These actions are supposed to carry on incremental capability of 32 MW and, along with ongoing miner installations, are anticipated so as to add roughly 640 petahash per second (PH/s) to our on-line hashrate,” added Grodzki.

Mining Manufacturing

  • 3.3 EH/s on-line, up from 2.7 EH/s as of March 31, 2022.
  • 405 new BTC mined throughout April 2022, up 75% from April 2021.
  • 13.5 BTC mined each day on common in April, equal to about US$520,000 per day and roughly US$15.6 million for the month based mostly on a BTC worth of US$38,500 on April 30, 2022.
  • 403 BTC from mining operations deposited into custody in April.
  • 5,646 BTC in custody on April 30, 2022, representing a complete worth of roughly US$217 million based mostly on a BTC worth of US$38,500.

Mining Operations

  • Initiated manufacturing on the Leger web site in Metropolis of Sherbrooke, Québec, rising complete farms in manufacturing to 9 and rising operational capability by 16 megawatts (MW) of its deliberate complete of 30 MW of capability.
  • Roughly 5,900 new miners have been put in, including greater than 590 PH/s to Bitfarms’ on-line hashrate.
  • Elevated complete electrical capability by 16 MW to 137 MW.
  • Formally launched the Firm’s revamped proprietary miner administration system that has been in beta take a look at for the final 9 months. The brand new administration software program options improved controls, monitoring, sensors, alarms, visualizations, and efficiency metrics, giving the Firm the potential to handle and observe the person efficiency of tons of of 1000’s of miners throughout its globally decentralized mining farms with a give attention to maximizing uptime.

Bitfarms’ BTC 2022 Month-to-month Manufacturing

Month BTC
January 301
February 298
March 363
April 405

About Bitfarms Ltd.

Based in 2017, Bitfarms is a worldwide Bitcoin self-mining firm, operating vertically built-in mining operations with onsite technical restore, proprietary knowledge analytics and Firm-owned electrical engineering and set up providers to ship excessive operational efficiency and uptime.

Having demonstrated fast development and stellar operations, Bitfarms grew to become the primary Bitcoin mining firm to finish its lengthy type prospectus with the Ontario Securities Fee and began buying and selling on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be introduced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms began buying and selling on the Nasdaq Inventory Market. On February 24, 2022, the Firm was additional honoured by the TSX-V as Enterprise 50 Winner, putting first within the Expertise sector. On April 8, 2022, Bitfarms up-listed from the TSX-V to the TSX.

Operationally, Bitfarms has a diversified manufacturing platform with seven industrial scale amenities situated in Québec, one in Washington state, and one in Paraguay. Every facility is over 99% powered with environmentally pleasant hydro energy and secured with long-term energy contracts. Bitfarms is presently the one publicly traded pure-play mining firm audited by a Massive 4 accounting agency.

To be taught extra about Bitfarms’ occasions, developments, and on-line communities:

Web site: www.bitfarms.com

https://www.fb.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/firm/bitfarms/

Cautionary Assertion

Buying and selling within the securities of the Firm needs to be thought of extremely speculative. No inventory change, securities fee or different regulatory authority has authorised or disapproved the knowledge contained herein. Neither the Toronto Inventory Change, Nasdaq, or another securities change or regulatory authority accepts duty for the adequacy or accuracy of this launch.

Ahead-Wanting Statements

This information launch comprises sure “forward-looking data” and “forward-looking statements” (collectively, “forward-looking data”) which can be based mostly on expectations, estimates and projections as on the date of this information launch and are coated by protected harbors underneath Canadian and United States securities legal guidelines. The knowledge on this launch relating to expectations relating to the construct out of Leger and building at The Bunker, the advantages of buying and holding Bitcoin, its future price of Bitcoin manufacturing, its future accumulation of Bitcoin, its growth plans generally, and about different future plans and goals of the Firm are forward-looking data. Different forward-looking data consists of, however will not be restricted to, data regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ potential to efficiently mine digital forex, income rising as presently anticipated, the flexibility to profitably liquidate present and future digital forex stock, volatility of community problem and digital forex costs and the potential ensuing vital unfavorable influence on the Firm’s operations, the development and operation of expanded blockchain infrastructure as presently deliberate, and the regulatory setting for cryptocurrency within the relevant jurisdictions.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions, future occasions or efficiency (usually however not at all times utilizing phrases resembling “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “might”, “would”, “may” or “will” be taken to happen or be achieved) should not statements of historic reality and could also be forward-looking data and are supposed to determine forward-looking data.

This forward-looking data is predicated on assumptions and estimates of administration of the Firm on the time they have been made, and entails recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such elements embody, amongst others, dangers regarding: the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing, together with the Firm’s potential to make the most of the Firm’s at-the-market providing (the “ATM Program”) and the costs at which the Firm could promote Frequent Shares within the ATM Program, in addition to capital market circumstances generally; dangers regarding the technique of sustaining and rising Bitcoin holdings and the influence of depreciating Bitcoin costs on working capital; the aggressive nature of the business; forex change dangers; the necessity for the Firm to handle its deliberate development and growth; the consequences of product growth and wish for continued know-how change; the flexibility to take care of dependable and economical sources of energy to run its cryptocurrency mining property; the influence of power curtailment or regulatory modifications within the power regimes within the jurisdictions by which the Firm operates; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the business; community safety dangers; the flexibility of the Firm to take care of correctly working techniques; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or rising the price of capital; share dilution ensuing from the ATM Program and from different fairness issuances; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, specific elements that might influence future outcomes of the enterprise of Bitfarms embody, however should not restricted to: the development and operation of amenities could not happen as presently deliberate, or in any respect; growth could not materialize as presently anticipated, or in any respect; the digital forex market; the flexibility to efficiently mine digital forex; income could not enhance as presently anticipated, or in any respect; it might not be doable to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs could have a big unfavorable influence on operations; a rise in community problem could have a big unfavorable influence on operations; the volatility of digital forex costs; the anticipated development and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions; the lack to take care of dependable and economical sources of energy for the Firm to function cryptocurrency mining property; the dangers of a rise within the Firm’s electrical energy prices, price of pure fuel, modifications in forex change charges, power curtailment or regulatory modifications within the power regimes within the jurisdictions by which the Firm operates and the adversarial influence on the Firm’s profitability; the flexibility to finish present and future financings, any rules or legal guidelines that may stop Bitfarms from working its enterprise; historic costs of digital currencies and the flexibility to mine digital currencies that will likely be according to historic costs; an lack of ability to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the value of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or growth of any regulation or legislation that may stop Bitfarms from working its enterprise, or make it extra expensive to take action. For additional data regarding these and different dangers and uncertainties, consult with the Firm’s filings on www.SEDAR.com (that are additionally accessible on the web site of the U.S. Securities and Change Fee at www.sec.gov), together with the annual data type for the year-ended December 31, 2021, filed on March 28, 2022. The Firm has additionally assumed that no vital occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to determine essential elements that might trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There might be no assurance that such statements will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on any forward-looking data. The Firm undertakes no obligation to revise or replace any forward-looking data aside from as required by legislation.

Contacts

Investor Relations:

LHA Investor Relations
David Barnard
+1 415-433-3777
[email protected]

US Media:

YAP International
Mia Grodsky, Account Government
[email protected]

Québec Media:

Ryan Affaires publiques
Valérie Pomerleau, Public Affairs and Communications
[email protected]

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