TORONTO – Bitfarms Ltd. (NASDAQ: BITF / TSXV: BITF) a global Bitcoin mining company, is constructing two new high power production facilities leased in Sherbrooke, Québec, which are scheduled to be completed in phases during the first and second quarters of 2022. The farms’ combined capacity of 78 megawatts (MW) is expected to accommodate approximately 21,000 new Bitcoin miners and generate approximately 2.1 Exahash/second (EH/s). Bitfarms currently has five fully operational farms, and this project expands new farms in construction from two to four.
“Committed to increasing our capacity and hashrate in a cost-effective manner, we have been working closely with the City of Sherbrooke to expedite our expansion,” said Emiliano Grodzki, CEO of Bitfarms. “Both farms will benefit from our existing cost-effective contracts that supply green hydro power at an average cost of just US four cents per kilowatt hour. Similar to all our other Québec farms, they will be passively cooled by the Canadian climate, reducing total energy consumption and operating costs. Most importantly, while also minimizing the risk of disruptions, these farms continue Bitfarms’ strategy of operating decentralized facilities to boost our capacity and support our goal of achieving 3 EH/s by the end of first quarter of 2022 and 8 EH/s by the end of 2022.”
Bitfarms has energy contracts under the same pricing terms within the Sherbrooke city limits for 96 MW. Bitfarms plans to eventually retire the existing 26 MW de la Pointe facility in phases and open three new farms that will be situated in more remote, less populated locations and include numerous enhanced sound-reduction design features as well as monitoring devices outside the facility to report sound emissions data in real-time. The first two farms – Leger and The Bunker – when completed are expected to have a combined capacity of 78 MW. The third farm, when secured, is expected to have capacity of 18 MW.
Leger: 30 MW Facility expected to deliver 800 petahash/second (PH/s)
- Construction is underway and is expected to be completed in the first quarter of 2022.
- 8,000 latest generation miners are expected to be operational in the second quarter of 2022.
- The facility is expected to yield approximately 800 PH/s.
The Bunker: 48 MW Facility expected to deliver 1,300 PH/s
- Construction, expected to be completed in mid-2022, will be in three phases:
- Phase one, representing 18 MW to be installed in an already constructed building, is scheduled to begin internal infrastructure work in the fourth quarter of 2021.
- Phase two, representing 18 MW, is in a portion of the building still under construction, with internal infrastructure work to begin in the first quarter of 2022.
- Phase three, representing 12 MW, is in a portion of the building scheduled to be constructed in the second quarter of 2022.
- 13,000 miners are expected to be housed in The Bunker and generate about 1.3 EH/s.
- The first two phases are expected to hold over 9,750 miners and yield nearly 975 PH/s.
- The third phase is expected to hold another 3,250 miners and produce approximately 325 PH/s.
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. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market.
Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. In addition, Bitfarms has announced new high power production facilities will be built in Québec, Paraguay, and Argentina. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
MW – Megawatt – A megawatt is a unit for measuring power that is equivalent to one million watts.
PH – Petahash per second. One petahash per second is one quadrillion (1,000,000,000,000,000) hashes per second (a measure of the speed of cryptocurrency mining operations).
EX – Exahash per second. One exahash per second is one quintillion (1,000,000,000,000,000,000) hashes per second.