Bitfarms provides update, mines 298 bitcoin in February

Bitfarms provides update, mines 298 bitcoin in February
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TORONTO – Bitfarms Ltd. (NASDAQ: BITF / TSXV: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for February 2022.

“Nearing the opening of our two new farms in Sherbrooke, Quebec, we remain on track to achieving our goal of 3 exahash per second (EH/s) by the end of the first quarter 2022,” said Emiliano Grodzki, CEO of Bitfarms. “Miner deliveries accelerated in the second half of February positioning us to quickly ramp production at these Sherbrooke locations. The Bunker and Leger farms when complete will represent a total of 78 megawatts (MW) of added capacity. Along with our strategic expansion underway in Argentina, these farms will play a vital role in reaching our year-end 2022 target hashrate of 8 EH/s.”

“As planned, seasonal energy curtailment programs at our farms in Quebec affected production in February, but to a lesser extent than in January,” added Grodzki. “With seasonally warmer weather expected in March, the impact of these programs should subside.”

Mining Production

  • 2.3 EH/s online.
  • 298 new BTC mined during February 2022, up 67% from February 2021.
  • 10.6 BTC mined daily on average in February, equivalent to about US$455,800 per day and totaling approximately US$12.8 million for the month based on a BTC price of US$43,000 on February 28, 2022.
  • 283 BTC from mining deposited into custody in February.
  • 4,883 BTC in custody on February 28, 2022, representing a total value of approximately US$210 million based on a BTC price of US$43,000.

Mining Operations

  • 7,400 new Bitcoin miners capable of 740 PH have been received in February or are in transit. The Chinese New Year, which ran from January 31 through February 15, 2022, slowed miner production and deliveries; thus, most of the February shipments occurred in the latter half of the month.
  • Currently finalizing the first 12 MW capacity at The Bunker site in Sherbrooke, which will immediately make operational over 3,000 new miners and add over 300 PH/s to Bitfarms’ online hashrate.
  • Neared completion of the first 16 MW capacity at the Leger site in Sherbrooke, which is scheduled to be online in a few weeks. When operational, Leger will immediately utilize over 4,000 new miners and add more than 400 PH/s to Bitfarms’ online hashrate.
  • 2,000 used Bitcoin miners moved or are in transit to the company’s Paraguay farm where they are being efficiently redeployed to add an additional 100 PH/s.

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. On February 24, 2022, the Company was further honoured by the TSX-V as Venture 50 Winner, placing first in the Technology sector.

Operationally, Bitfarms has a diversified production platform with five industrial scale facilities located in Quebec, one in Washington state, and one in Paraguay. 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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