TORONTO – Bitfarms Ltd. (TSXV:BITF // OTC:BFARF) reported the purchase of 6,600 new generation miners from Bitmain, as the Company aggressively adds to its fleet of installed miners, currently, the largest reported installed Bitcoin hash rate in North America by a public company. This purchase of 660 PH is Bitfarms’ largest purchase from Bitmain to date.
Cumulatively, this purchase represents 660 PH/s out of 1,053 PH/s of miners scheduled for delivery throughout the remainder of 2021. Once installed, these miners are expected to increase Bitfarms’ operating hash rate to approximately 2.5 EH/s. This represents a 159% growth rate from the end of 2020 and achieves 83% towards their year-end goal of 3 EH/s. If all 2.5 EH/s of equipment were installed today, it would produce approximately 15.5 BTC per day under current market conditions.
The purchase of 6,600 miners is in addition to the significant commitments Bitfarms has recently made to developing new infrastructure in Québec, which is required to deliver on its growth forecast goals for 2021. These developments include the previously announced Sherbrooke expansion plan, which is projected to increase Bitfarms’ installed power capacity by approximately 66 MW. The Sherbrooke expansion will be partially used to accommodate today’s announced newly purchased miners.
CEO of Bitfarms, Emiliano Grodzki stated, “We are excited to continue to strengthen our relationship with Bitmain. The purchase of 6,600 miners represents one of the largest orders in our history. Bitfarms is committed to achieving its corporate goals of 3.0 EH/s by the end of this year and 8.0 EH/s by the end of 2022.”
“We are proud to support Bitfarms in its pursuit to achieve its production target for 2021. The additional 660 PH that will be added to their mining operations will solidify their presence in the mining space, further establishing Bitfarms as one of the leading mining companies in North America. The Antminer S19j Pro is one of the industry’s leading next-gen miners, which is proven to deliver outstanding performance, perfect for long-term mining operations like Bitfarms,” said Irene Gao, Antminer Sales Director of NCSA Region, Bitmain.
Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V.
Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
EH/s: Exahash per second.
PH/s: Petahash per second
MW: A Megawatt is used to measure the output of a power plant or the amount of electricity required by facility or an entire city. One megawatt (MW) = 1,000 kilowatts = 1,000,000 watts.
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