Bitfarms mines 405 BTC in April

Bitfarms mines 405 BTC in April
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TORONTO – Bitfarms Ltd. (NASDAQ: BITF / TSX: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for April 2022.

“In early April, we surpassed our 3 exahash per second goal (EH/s) with the start of production at our Leger farm, our ninth operating facility. This momentum continued throughout the month, with new miner installations driving our hashrate to over 3.3 EH/s at month-end, up 22% from 2.7 EH/s at the end of March said Emiliano Grodzki, CEO of Bitfarms. “This incremental capacity helped drive our average daily production in April to 13.5 BTC/day, up 15% from 11.7 BTC/day in March, and I’m proud to say we exited April running at over 14 BTC/day.”

“We continue to be on track to complete the build out of Leger in May, as well as the second phase of construction at The Bunker in June. These activities are intended to bring on incremental capacity of 32 MW and, in conjunction with ongoing miner installations, are expected to add approximately 640 petahash per second (PH/s) to our online hashrate,” added Grodzki.

Mining Production

  • 3.3 EH/s online, up from 2.7 EH/s as of March 31, 2022.
  • 405 new BTC mined during April 2022, up 75% from April 2021.
  • 13.5 BTC mined daily on average in April, equivalent to about US$520,000 per day and approximately US$15.6 million for the month based on a BTC price of US$38,500 on April 30, 2022.
  • 403 BTC from mining operations deposited into custody in April.
  • 5,646 BTC in custody on April 30, 2022, representing a total value of approximately US$217 million based on a BTC price of US$38,500.

Mining Operations

  • Initiated production at the Leger site in City of Sherbrooke, Québec, increasing total farms in production to nine and increasing operational capacity by 16 megawatts (MW) of its planned total of 30 MW of capacity.
  • Approximately 5,900 new miners were installed, adding more than 590 PH/s to Bitfarms’ online hashrate.
  • Increased total electrical capacity by 16 MW to 137 MW.
  • Officially launched the Company’s revamped proprietary miner management system that has been in beta test for the last 9 months. The new management software features improved controls, tracking, sensors, alarms, visualizations, and performance metrics, giving the Company the capability to manage and track the individual performance of hundreds of thousands of miners across its globally decentralized mining farms with a focus on maximizing uptime.

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. On April 8, 2022, Bitfarms up-listed from the TSX-V to the TSX.

Operationally, Bitfarms has a diversified production platform with seven industrial scale facilities located in Québec, 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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