TORONTO – Bitfarms Ltd. (TSXV: BITF // OTC:BFARF), today reported that year-to-date, they have mined and deposited in custody 1,006 Bitcoin, currently valued at approximately US$39 million, or approximately 5.5% of the Company’s market capitalization as of the close of trading yesterday, May 27, 2021. Bitfarms achieved this milestone a full 9 days ahead of the schedule reported on April 16, 2021.
Based on public information of other publicly traded cryptocurrency mining companies, Bitfarms has mined and accumulated one of the largest reported amount of Bitcoin from mining activities in North America, year-to-date; and has done so with 100% hydroelectricity.
Since starting its Bitcoin Inventory Pilot Program in early January, Bitfarms has quickly climbed the ranks of publicly traded companies with Bitcoin on their balance sheet and has now earned the 13th spot for publicly traded companies on bitcointreasuries.org.
With approximately 1% of the Bitcoin network, Bitfarms is currently mining and adding approximately 7.8 Bitcoins a day to inventory at a cost of approximately US$9,500 per Bitcoin as of May 27, 2021. This means that Bitfarms is both adding Bitcoin to its balance sheet at one of the fastest rates and with some of the lowest costs in the world.
“Since inception, we have worked at building a world-class and vertically-integrated mining company achieving high levels of efficiency. This year Bitfarms is experiencing our fastest rate of growth ever. We expect to more than double our installed hydropower infrastructure in Québec, triple our operational hashrate in 2021 and be trading on both the TSX Venture Exchange and Nasdaq soon,” said Emiliano Grodzki, Bitfarms’ Chief Executive Officer.
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.
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