This news release constitutes a “designated news release” for the purpose of supplementing our prospectus dated August 16, 2021 to the short-form Baseshelf Prospectus dated August 12, 2021.
Toronto and Brossard, Quebec, February 25, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), A global Bitcoin self-mining company has signed a $ 32 million equipment loan agreement.
Jeff Lucas, CFO of Bitfarms, said: “Because the purchase of Bitcoin (BTC) miners is a big part of our capital needs, this $ 32 million capital loan has released working capital and the recently announced $ 100 million BTC secured loan. We support flexible, non-recourse lending options, including facilities. “
Under the terms of the loan agreement, we recently purchased 6,100 Bitmain S19j Pros and signed a capital loan secured for a total of US $ 32 million. The loan term is 2 years and the interest rate is 14.5%.
Financing was provided by BlockFiLending LLC. “We are pleased to partner with Bitfarms on this transaction. Our goal is to support our clients’ working capital needs and provide financial leverage for future growth,” said BlockFi’s Minor Finance Director. Patrick Guerriero says.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin self-mining company that performs highly integrated vertically integrated mining operations with on-site technical repairs, proprietary data analysis, company-owned electrical engineering and installation services. Achieves 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 Venture 50 Winner and ranked first in the technology sector.
Bitfarms 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 eco-friendly hydropower and is protected by long-term power contracts. Bitfarms is currently the only listed pure mining company audited by the Big Four accounting firms.
Learn more about Bitfarms events, development, and the online community below.
About BlockFi Lending LLC
BlockFi is a crypto financial services company focused on creating a globally accessible crypto asset management platform using the power of cryptocurrencies and blockchain payment rails. BlockFi provides clients with a wide range of access to a range of financial products and services, including cryptocurrency-backed loans, interest-bearing accounts for storing crypto assets, and the world’s first crypto-payment credit card. Founded in 2017 by Zac Prince & Flori Marquez, BlockFi is one of the fastest growing private fintech companies in the world, currently worth US $ 4.5 billion. Headquartered in Jersey City, NJ, it serves more than 1 million validated clients and 350 global financial institutions with approximately US $ 10 billion in assets under management. BlockFi’s mission has always been to bridge traditional crypto-based financial products, and the focus of those efforts has been to educate consumers on their interests and how to increase their wealth with crypto. rice field.
Trading our securities should be considered highly speculative. The Stock Exchange, Securities and Exchange Surveillance Commission, or other regulatory agencies have 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. The information in this release regarding equipment loans by BlockFi Lending LLC, the benefits of this and other debt lending initiatives, their expansion plans, and other future plans and objectives of the Company is forward-looking information.
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 “or” achieved “) is not a statement of historical facts, but information about the future outlook and is intended to identify the future. -The information you are looking for.
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. These 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 prices 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 the business. 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 that may cause actual performance to differ materially from forward-looking statements, but there may be other factors that do not yield forecasts, 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 proven to be accurate. Therefore, readers should not place excessive reliance on information about future prospects. We undertake no obligation to revise or update any forward-looking information except as required by law…
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Bitfarms Signs $ 32 Million Equipment Loan Agreement, Canadian Business Journal
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