Bitfarms mines 363 new BTC in March 2022, up 64% from March 2021

Bitfarms mines 363 new BTC in March 2022, up 64% from March 2021
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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 March 2022.

“Adding 400 petahash per second to our hashrate in March, we are rapidly approaching our goal of 3 exahash per second (EH/s), which we expect to reach within the next week,” said Emiliano Grodzki, CEO of Bitfarms. “Driving the increase in our hashrate was the addition of one of our new Sherbrooke locations, phase one of The Bunker, which was brought online in March. Another new Sherbrooke location, Leger, is on the verge of starting production that will immediately boost our hashrate over our 3 EH/s goal.”

“Daily BTC production has increased as a result and as of today averages 12.5 (BTC) per day,” added Grodzki. “This is up 18% from our February average and equates to about US$575,000 in daily revenue at the current BTC price of US$46,000.”

Mining Production

  • 2.7 EH/s online, up from 2.3 EH/s as of February 28, 2022.
  • 363 new BTC mined during March 2022, up 64% from March 2021.
  • 11.7 BTC mined daily on average in March, equivalent to about US$538,000 per day and approximately US$16.7 million for the month based on a BTC price of US$46,000 on March 31, 2022.
  • 360 BTC from mining deposited into custody in March.
  • 5,243 BTC in custody at March 31, 2022, representing a total value of approximately US$244 million based on a BTC price of US$46,000.

Mining Operations

  • Nearly 11,000 new Bitcoin miners capable of over 1 EH/s have been received or are in transit.
  • Commenced production at The Bunker in the City of Sherbrooke, Quebec, adding capacity of 12 MW with the installation of over 3,000 new miners, adding over 300 PH/s to Bitfarms’ online hashrate.
  • Acquired an additional location, known as Garlock, in the City of Sherbrooke, to develop an 18 MW facility intended to replace the existing de la Pointe facility scheduled to be retired in February 2023.
  • Neared completion of the first 16 MW of capacity at the Leger site in Sherbrooke, which is scheduled to be online within a week. When operational, Leger will immediately utilize over 4,000 new miners and add more than 400 PH/s to Bitfarms’ online hashrate.
  • Installed 1,400 used Bitcoin miners at the Company’s Paraguay farm, bringing hashrate at this farm to 105 PH/s as of today.

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 six 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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