– Mark 10th mining facility and 4th Countries producing in Argentina warehouse –
– Exceeds 4 EH/s Milestone –
This news release constitutes a “designated news release” from the supplement to the company’s prospectus dated August 16, 2021 to the basic prospectus of the basic letter dated August 12, 2021.
Toronto, Ontario and Brossard, Quebec, September 19, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) is a global bitcoin self-mining company with a hash rate of 4 exahash per second (EH/s) when it began production of the first of its two 50 megawatt (MW) warehouses under development in Argentina. Milestone passed. The initial launch will add 10 MW of capacity, increasing the company’s total capacity to 176 MW. During the remainder of Q3 2022 and Q4 2022, the company will light a further 10 MW increments, with the goal of powering the entire He 50 MW by December 31, 2022. I plan to let you.
“We are proud to start production ahead of schedule in our first 50 MW warehouse in Rio Cuarto.th mining facility and 4th Geoff Morphy, President and COO of Bitfarms, said: “In addition, we have started construction of a second 50 MW warehouse adjacent to the first facility, which is expected to be completed around the beginning of Q2 2023. Under an eight-year private power contract, With attractive electricity prices established last year, both facilities are expected to lower energy costs across the portfolio despite rising commodity costs in the energy market. , with improvements on several farms in Quebec and Washington, actual production exceeded 4.1 EH/s.
“With a diversified global growth strategy to increase portfolio stability and reduce geographic and climatic risks, Argentina is our fourth country in production. We look forward to further leveraging our presence and opportunities in the region,” Morphy concluded.
In 2021, Bitfarms signed a contract with an Argentinean private power company to supply Bitfarms with up to 210 MW for a warehouse being developed on the same site and adjacent to the power plant. Electricity rates for the first four years are calculated based on a formula where electricity rates are based on a combination of market-based pricing and a base rate of 2.2 cents per kilowatt. After an initial launch period, based on current foreign exchange rates and Argentine natural gas prices, Rio Cuarto’s cost of electricity is expected to be the lowest in his Bitfarms portfolio, creating a significant advantage. His Bitfarms operation in Argentina currently employs 28 members of his team and is expected to grow as production is added.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global publicly traded (NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation services, and on-site technical repairs. Our proprietary data analytics system delivers best-in-class operational performance and accelerated uptime.
Bitfarms produces 10 mining facilities worldwide located in 4 countries: Canada, USA, Paraguay and Argentina. Primarily powered by green hydropower and long-term power contracts, Bitfarms is committed to using renewable, locally-based and underutilized energy infrastructure.
Trading in our securities should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. The Toronto Stock Exchange, Nasdaq, or any other stock exchange or regulator are not responsible for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on our expectations, estimates and projections as of the date of this news release. and ports under the securities laws of Canada and the United States. Statements and information in this release regarding expansion plans, including construction in Argentina, growth expectations, power costs, targets, production capacity and hashrate targets, and other future plans and goals of the Company, are forward-looking statements. information. Other forward-looking information includes, but is not limited to, information regarding: our intentions, plans, and future actions; Bitfarms’ ability to successfully mine digital currency; current expectations; Increased revenues, favorable clearing capacity, current and future digital currency inventories, network difficulties and digital currency price volatility and consequent company operations, currently planned extended blockchain It could have a material adverse effect on the construction and operation of infrastructure and the regulatory environment for cryptocurrencies in applicable jurisdictions.
Statements involving predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or discussions of performance (consistently using phrases such as “expects,” “does not expect,” “expects,” etc.) , “anticipate” or “unexpected”, “plan”, “budget”, “intend”, “forecast”, “estimate”, “believe” or “intend”, or any such words or variations of phrases, or stating a particular action, an event or outcome “could” or “could”, “could”, “could”, or “could” are considered to occur or be achieved) may be forward-looking information rather than statements of historical fact, and are intended to identify future-looking information.
This forward-looking information is based on the assumptions and estimates of our management at the time they were prepared and is subject to known and unknown risks, uncertainties and our actual results, performance or achievements. along with other factors that can cause It differs materially from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks associated with: dilution; our limited operating history; uncertainty of future funding needs and additional funding; This includes our ability to take advantage of our market offerings (“ATM Programs”) and the price at which we may sell our common stock in his ATM Programs, as well as capital. general market conditions; strategies to maintain and grow bitcoin holdings and the risks associated with the impact of falling bitcoin prices on working capital; industry competitiveness. currency risk; the need for the company to manage planned growth and expansion; The impact of product development and the need for continuous engineering change. Ability to maintain a reliable and economical power source for running cryptocurrency mining assets. the impact of energy reductions or regulatory changes on the energy regime in the jurisdictions in which we operate; protection of proprietary rights; impact of government regulation and compliance on our company and industry; network security risk. The company’s ability to maintain a properly functioning system. Dependence on key personnel. deteriorating global economies and financial markets impeding access to capital or increasing the cost of capital; dilution of equity resulting from ATM programs and other equity issuances; Volatility in the securities market affects security prices independently of operating performance. In addition, certain factors that may affect the future results of Bitfarms’ business include, but are not limited to: Expansion may not materialize as currently expected, or may not materialize at all. the digital currency market; the ability to successfully mine digital currency; Revenue may not grow as currently expected, or may not grow at all. It may not be possible, or even possible at all, to liquidate current digital currency inventories profitably. A fall in digital currency prices could have a significant negative impact on operations. Increased network difficulty can have a significant negative impact on operations. the volatility of digital currency prices; the expected growth and sustainability of hydropower for cryptocurrency mining in the applicable jurisdiction; our inability to maintain a reliable and economical source of power to operate our cryptocurrency mining assets; the risk of increased costs of our electricity, costs of natural gas, exchange rate fluctuations, energy reductions or changes in energy regulations in the jurisdictions in which we operate, and adverse effects on our profitability; Ability to complete current and future financing, regulations or laws that interfere with Bitfarm’s business operations. Historical prices of digital currencies and the ability to mine digital currencies that match historical prices. Anticipate and counteract the impact of COVID-19 on the company’s business, including but not limited to the impact of COVID-19 on digital currency prices, capital market conditions, labor force, international travel and supply chain restrictions. inability to; or adopt or expand any regulation or law that interferes with Bitfarm’s business operations or increases the cost of doing business. Please refer to our filings for further information regarding these and other risks and uncertainties. www.SEDAR.com (These are also available on the U.S. Securities and Exchange Commission website. www.sec.gov) contains the Annual Information Form for the fiscal year ended December 31, 2021, filed on March 28, 2022. We also assume that no significant events will occur outside of Bitfarms’ normal course of business. Although we have attempted to identify important factors that could cause our actual results to differ materially from those expressed in our forward-looking statements, we do not believe there are any factors that could cause results to differ from those anticipated, estimated or intended. There may be other factors that contribute to 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. Accordingly, readers should not place undue reliance on forward-looking information. We undertake no obligation to revise or update any forward-looking information, except as required by law..
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Bitfarms Hashrate Exceeds 4 EH/s Milestone, Starts Production in First Warehouse in Argentina, The Canadian Business Journal
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