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Bitfarms gets additional location in Canadian business journal Sherbrooke, Quebec

Toronto, Ontario and Brossard, Quebec, March 11, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bit farm” or “society“) (NASDAQ: BITF // TSXV: BITF), A global Bitcoin self-mining company has acquired land and buildings in Sherbrooke, Quebec. This new location, known as Garlock, is expected to have a power capacity of 18 megawatts (MW) and will eventually be discontinued as previously announced in our press release dated September 7, 2021. Will replace the DelaPoint facility in. The number of farms under development will increase from three to four.

“Once completed, the total planned capacity of the three Sherbrooke farms, including Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contract power of 96 MW. The new farm will relocate production and phase out the Delapoint facility. It’s part of an effort with the city of Sherbrooke to abolish it, “said Jeff Morphy, President and COO of Bitfarm. “As we did elsewhere, Garlock will be equipped with the latest sound reduction and monitoring technology. We are working to bring the farm completely online in the first quarter of 2023, so it will be in production. A smooth transition is expected. At that point, the de la Pointe facility will be closed and the facility will be sold. “

The total purchase price of the Garlock location consists of $ 2.25 million in cash and 25,000 common stock purchase warrants (“Warrant“). Each warrant gives its holders the right to purchase one common stock of Bitfarm at a price of $ 3.47 (C $ 4.43) for two years from the date of issue.

The new facility will benefit from Bitfarms’ existing cost-effective contract to supply green hydropower at an average cost of 4 cents per kilowatt hour.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is Bitcoin’s global self-mining company, performing vertically integrated mining operations with on-site technical repairs, proprietary data analysis, company-owned electrical engineering and installation services. Achieves high operational performance and uptime.

Demonstrating rapid growth and excellent business, Bitfarm became the first Bitcoin mining company to complete a long-term prospectus with the Ontario Securities Commission and began trading on TSX-V in July 2019. .. Bitfarm is honored to be announced on February 24, 2021. As a noteworthy stock by TSX-V. On June 21, 2021, Bitfarm began trading on the Nasdaq Stock Market. On February 24, 2022, we were further commended by TSX-V as a Venture 50 Winner and ranked first in the Technology category.

Operationally, Bitfarm has a diverse production platform with five industrial-scale facilities, one in Quebec, one in Washington, and one in Paraguay. More than 99% of each facility is environmentally friendly hydropower and is protected by long-term power contracts. Bitfarms is currently the only listed pure cryptocurrency mining company audited by the Big Four accounting firms.

Learn more about Bitfarms events, development, and the online community below.

Website: www.bitfarms.com

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

Precautions

Trading our securities should be considered highly speculative. The stock exchange, securities committee, or other regulatory agency has not endorsed or dismissed the information contained herein. The TSX Venture Exchange is also responsible for its regulatory service provider (the term is defined in the TSX Venture Exchange Policy), Nasdaq, or any other stock exchange or regulatory agency for the validity or accuracy of this release. I will not bear it.

Description of future prospects

This news release is based on expectations, estimates, and forecasts as of the date of this news release, and is protected by safe harbors with specific “forward-looking information” and “forward-looking statements” ( Collectively, “Information on future prospects”) is included. Ports under Canadian and US securities laws. Information on this release regarding the completion and operation of the Garlock facility and the future production rate of Bitcoin. It contains forward-looking information about future production rates from one or more real estate, future accumulation of Bitcoin, expansion plans, and our other future plans and objectives. Other forward-looking information includes information about our intentions, plans, future actions, and Bitcoin’s ability to successfully mine Bitcoin from both currently operating facilities and acquisitions that are not yet in operation. Included, but not limited to. Increased revenue as currently expected, the ability to profitably clear current and future digital currency inventories, network difficulties and variability in digital currency prices, and the construction of the currently planned expansion blockchain infrastructure And the regulatory environment for cryptocurrencies in applicable jurisdictions that can have a significant negative impact on operations.

All statements (often “expect”, “not expect”, “expected”, etc., including discussions about expectations, expectations, beliefs, plans, expectations, objectives, assumptions, future events, or performance. (But not always), “anticipate” or “not anticipate”, “plan”, “budget”, “plan”, “forecast”, “estimate”, “believe”, ” An event or result “possible” or “possible”, “possible”, “possible” that states “intended”, or a variation of such a word or phrase, or a particular action. “Or” possible “) may be information about the future outlook, not a statement of historical facts.

This forward-looking information is based on the assumptions and estimates of our management at the time of preparation, and known and unknown risks and uncertainties that may substantially cause our actual results, performance or performance. Includes gender and other factors. It differs from future results, performances, or outcomes expressed or implied by such forward-looking information. Such factors include, among other things, the risks associated with: Dilution; Our limited business history. Uncertainty in future capital needs and additional funding. This includes our ability to take advantage of our market offerings (“ATM Program”), the price at which we may sell common stock under the ATM Program, and capital. General market conditions; risks associated with strategies to maintain and increase Bitcoin holdings, and the impact of falling Bitcoin prices on working capital. Industry competitiveness. Foreign exchange risk; the need for a company to manage planned growth and expansion. Impact of product development and the need for continuous technological changes. Ownership protection; the impact of government regulation and compliance on companies and industries. Network security risks. The company’s ability to maintain a properly functioning system. Dependence on key persons. Deterioration of global economies and financial markets can impede access to capital and increase the cost of capital. Dilutive stock due to ATM programs and other stock issuance. An unstable securities market that affects securities prices that are not related to business performance. In addition, certain factors that may affect the future outcomes of Bitfarm’s business include, but are not limited to: The expansion may not be as expected or at all currently expected. Digital currency market. Ability to mine digital currencies well. Revenues may not increase as currently expected or at all. It may not be possible to liquidate the current digital currency inventory in an advantageous manner. Falling digital currency prices can have a significant negative impact on operations. Increasing network difficulty can have a significant negative impact on operations. Cryptocurrency price volatility. Expected growth and sustainability of hydropower for cryptocurrency mining purposes in the relevant jurisdiction, ability to complete current and future financing, regulations or laws that prevent Bitfarm from operating its business. A function to mine the past price of the digital currency and the digital currency that matches the past price. The impact of COVID-19 on the company’s business cannot be predicted and negated. This includes, but is not limited to, the impact of COVID-19 on digital currency prices, capital market conditions, labor and international travel and supply chains. And the adoption or expansion of regulations or laws that prevent Bitfarms from operating its business or make doing so more costly. For more information on these and other risks and uncertainties, please visit www.SEDAR.com (also available on the US Securities and Exchange Commission website (www.sec.gov)), including our annual information form. Please refer to the submitted documents. We also assume that no significant event will occur outside of Bitfarm’s normal business process. We have attempted to identify key factors whose actual performance may differ materially from forward-looking statements, but there may be other factors that do not produce expectations, estimates, or intended results. there is. Actual results and future events may differ materially from those expected in such statements, and there is no guarantee that such statements will be accurate. Therefore, readers should not place excessive reliance on information about future prospects. We undertake no obligation to revise or update forward-looking information except as required by applicable securities law…

contact address

Investor Public Relations:

LHA Investor Relations
David Bernard
+1 415-433-3777
Investors@bitfarms.com

US media:

YAP Global
Mia Grodsky, Account Executive
mia@yapglobal.com

Quebec Media:

Ryan Affaires publiques
Valérie Pomerleau, Public Relations and Communication
valerie@ryanap.com


CBJ News Maker



Bitfarms gets additional location in Canadian business journal Sherbrooke, Quebec

Source link Bitfarms gets additional location in Canadian business journal Sherbrooke, Quebec

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