Bitfarms mined over 3,000 Bitcoin in 2021 through November

Bitfarms mined over 3,000 Bitcoin in 2021 through November
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TORONTO – Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, provides a Bitcoin (BTC) production and operations update for the month of November 2021.

“Our industry leading BTC production reached over 3,000 BTC mined in the first 11 months of 2021,” said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “Even with an increase in network difficulty, our BTC production level held steady in November, and we ended the month with nearly 3,000 Bitcoin, valued at $175 million at current market prices. In addition, robust miner deliveries and installations continued throughout November, driving a 16% increase in our hashrate, which now stands at 2.1 exahash per second (EH/s). We expect all remaining miners scheduled for 2021 delivery to be received in the first half of December. Regarding development, we currently have four farms with 298 MW capacity under construction, and we anticipate beginning initial production in Paraguay by year end.”

November 2021 Bitfarms’ Mining Production Update

  • 2.1 EH/s achieved effective November 25, 2021.
  • 339 new BTC mined during November 2021.
  • 3,089 BTC mined in the first eleven months of 2021.
  • 11+ BTC mined daily on average, equivalent to about US$649,000 per day based on a BTC price of US$59,000 on November 30.
  • 2,973 BTC deposited into custody for the year through November 30, 2021, representing approximately 96% of Bitfarms’ 2021 BTC production and a total value of approximately US$175 million based on a BTC price of US$59,000.

November 2021 Bitfarms’ Mining Operations Highlights

  • 3,588 Bitmain S19j Pro miners received.
  • 400 MicroBT M30S miners received.
  • The remaining 702 Bitmain S19j Pro scheduled for delivery are expected to be received in the first half of December.
  • Contractually secured 1,200 Bitmain S19 XP miners for delivery in 2022 – at 140 Terahash per second the most powerful and efficient miner available in the market today.
  • Acquired a 24-Megawatt (MW) hydro-powered facility in Washington state and entered into a Memorandum of Understanding to co-develop up to an additional 75 MW in the area.
  • Boosted capacity from 82 MW to 106 MW, reflecting the acquisition of the Washington state facility.

Bitfarms’ BTC 2021 Monthly Production

Month BTC
January 199
February 178
March 221
April 232
May 262
June 265
July 391
August 354
September 305
October 343
November 339

Bitfarms reiterates its goals to grow its hashrate to 3 EH/s in first quarter 2022 and 8 EH/s by year end 2022.

Founded in 2017, Bitfarms is a global Bitcoin self-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 and one in Washington state. Each facility is over 99% 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 accounting firm.


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