Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), one of the largest, oldest, and most cost-effective public Bitcoin mining operations in the world announced on April 16th a number of corporate development
Bitfarms has recently completed two purchases of new-generation mining equipment manufactured by MicroBT to be installed through August. When deployed, the 1,996 miners will produce an additional 160 PH/s. These purchases are in addition to the 1,500 M31S+ previously announced for delivery in June for a total of 280 PH/s of new equipment to be installed in our Cowansville expansion in Quebec. It is expected to be complete in July.
The Company has recently started rehabilitation of older and mid-generation equipment that were previously cost-ineffective to repair. When rehabilitated, this equipment will restore approximately 80 PH/s of production to Bitfarms for a capital cost of approximately US$5 per TH/s. This compares to nearly US$120 per TH/s for new generation equipment on the spot market today, providing a near-immediate return on investment.
Bitcoin Inventory Pilot Program
This week Bitcoin set another new all-time high of more than US$64,000, a more than 100% increase Year-To-Date. During this time, Bitfarms has mined and retained over 650 Bitcoin in reserve, currently valued at US$41 million at US$63,000 per Bitcoin, and is currently adding approximately 7.5 Bitcoin per day to inventory. With prevailing difficulty, Bitfarms expects its mined Bitcoin inventory will grow to 1,000 Bitcoin within the next 50 days, representing approximately US$63 million worth of value for our shareholders at prevailing prices.
Stock market listing in the United States
On February 4, 2021, Bitfarms announced its intention to pursue an additional stock exchange listing for the Company in the United States. The Company has been continuing to actively move forward with a Nasdaq listing process. Having filed our 2020 Annual Information Form, we are now finalizing for submission our SEC Form 40-F, an important milestone towards our U.S. listing on the Nasdaq.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is one of the one of the largest, oldest and most cost-effective public bitcoin mining operations in the world. Bitfarms runs 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.
Bitfarm’s operations are running at 100% on renewable energy.