Bitfarms (TSXV:BITF) surpasses 2,000 Bitcoin in custody

• Bitfarms (BITF) has issued a Bitcoin operations update highlighted by the milestone of holding over 2,000 Bitcoin in custody
• The company mined 354 Bitcoin in August 2021 at a rate of 10 Bitcoin per day
• It has mined 2,102 Bitcoin in the first eight months of 2021
• Project ramp-ups in Quebéc and Paraguay will help the company reach 2 Exahash per second in the coming months
• Bitfarms is a Bitcoin mining company
• Bitfarms (BITF) is down by 3.07 per cent and is currently trading at $7.27 per share

Bitfarms (BITF) has issued a Bitcoin operations update highlighted by the milestone of holding over 2,000 Bitcoin in custody.

Mining highlights as of September 1, 2021

• Mined 354 new Bitcoin in August 2021 at a rate of 10 Bitcoin per day
• Mined 745 Bitcoin in the first two months of Q3, or 98 per cent of the company’s Q2 Bitcoin production
• Mined 2,102 Bitcoin in the first eight months of 2021
• Deposited 2,028 Bitcoin into custody through September 1, 2021, valued at US$101.4 million based on a Bitcoin price of US$50,000

As of September 1, 2021, Bitfarms’ year-to-date Bitcoin production by month was:

Operations update

• Bitfarms will receive 7,230 Bitmain S19j Pros before the end of September. The additional 723 Petahash per second represent a 50 per cent growth from the company’s existing network hashrate of 1.4 Exahash per second
• The Cowansville, Quebéc facility is operational and expected to be running at full capacity by the end of September. This is expected to contribute 100 Petahash above the current production level
• The company will collaborate with Sherbrooke, Québec on state-of-the-art facilities totalling 96 MW of power
• At the beginning of September, Bitfarms signed a five-year lease in Paraguay with an annually renewable power purchase agreement to secure 10 MW of green hydroelectrical capacity at US$0.036 per kilowatt-hour. The new facility will house 3,000 used miners capable of 150 Petahash per second. If the site were fully operational today, it would produce Bitcoin at US$7,850 per coin

Emiliano Grodzki, Bitfarms’ CEO, stated,

“As we execute on our expansion plans, we are excited to surpass 2 Exahash per second in the coming months and continue to add most of our mined Bitcoin to treasury at an even faster rate than in the first half of 2021. As we work to execute on our growth targets, we are aggressively pursuing opportunities to add new infrastructure to support our equipment acquisitions and look forward to reporting on even greater infrastructure growth in the months ahead.”

Bitfarms is a Bitcoin mining company. The company powers over 1 per cent of the Bitcoin network with over 99 per cent green hydroelectricity.

Bitfarms (BITF) is down by 3.07 per cent and is currently trading at $7.27 per share as of 12:11 pm ET.