- Bitfarms (BITF) has released a series of updates on its Bitcoin inventory, hashrate growth and announced a potential Nasdaq listing
- The company purchased 1,996 new-generation miners from MicroBT that will produce an additional 160 PH/s
- Bitfarms is rehabilitating older and mid-generation equipment that will restore 80 PH/s of production for US$5 per TH/s
- The company expects its inventory will grow to 1,000 Bitcoin within the next 50 days
- The company is also finalizing its submission of SEC Form 40-F toward a possible listing on the Nasdaq
- Bitfarms is one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world
- Bitfarms (BITF) is down by 8.35 per cent and is currently trading at $5.05 per share
Bitfarms (BITF) has released a series of updates on its Bitcoin inventory, hashrate growth and announced a potential Nasdaq listing.
New Miner Purchases
The company purchased 1,996 new-generation miners from MicroBT to be installed through August. When deployed, the miners will produce an additional 160 PH/s.
These purchases are in addition to the 1,500 M31S+ previously announced for delivery in June. The company will install the miners in its Cowansville expansion site in July adding 280 PH/s of hash power.
Miner Rehabilitation
Bitfarms is rehabilitating older and mid-generation equipment that will restore 80 PH/s of production for a capital cost of US$5 per TH/s.
This compares to nearly US$120 per TH/s for new generation equipment on the spot market today, thus providing a near-immediate return on investment.
Bitcoin Inventory Pilot Program
Bitfarms has mined and retained over 650 Bitcoin currently valued at US$41 million at US$63,000 per Bitcoin.
It is currently adding approximately 7.5 Bitcoin per day to inventory.
The company expects its inventory will grow to 1,000 Bitcoin within the next 50 days representing US$63 million worth of value for its shareholders.
With the new miner purchases and ongoing miner repairs, Bitfarms expects to increase its total hashrate to 1.6 EH/s by August and produce 9.5 Bitcoin per day.
Stock Market Listing in the United States
The company is finalizing its submission of SEC Form 40-F, an important milestone toward its listing on the Nasdaq.
Bitfarms is one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world. It has a diversified production platform with five industrial-scale facilities in Quebec.
Bitfarms (BITF) is down by 8.35 per cent and is currently trading at $5.05 per share as of 9:49 am ET.