- Bitfarms (BITF) has partnered with Foundry to expand its Bitcoin mining fleet, boosting its operating hashrate by 15 per cent
- The company purchased 2,465 Whatsminer M30S Bitcoin mining machines through Foundry’s services
- Bitfarms will obtain financing to purchase an additional 1,000 Whatsminer M30S machines to be delivered in Fall 2021
- Foundry will provide Bitfarms with a US$10 million equipment financing credit facility in early 2022
- Bitfarms is also pleased to join the Foundry USA Pool, which provides revenue via a full-pay-per-share model
- Foundry is a financing and advisory company focused on digital asset mining and staking
- Bitfarms is one of the largest, oldest and most cost-effective public Bitcoin mining operations in the world
- Bitfarms (BITF) is down by 4.6 per cent and is currently trading at $3.94 per share
Bitfarms (BITF) has partnered with Foundry to expand its Bitcoin mining fleet, instantly boosting its operating hashrate by 15 per cent.
Foundry has partnered with the world’s leading Bitcoin mining manufacturing companies to secure expedited access to machines for its clients. The company has helped to procure nearly half of the Bitcoin mining machines installed in North America in 2020.
Bitfarms purchased 2,465 Whatsminer M30S Bitcoin mining machines through Foundry’s services.
Of the 2,465 machines, the first 1,465 were previously installed in Bitfarms’ Sherbrooke facility in Q3 2020 for hosting.
With the purchase of these machines, Bitfarms has ended its last hosting agreement and returned 100 per cent of installed power capacity for its own Bitcoin production.
The purchase and financing of the first 1,465 machines increases Bitfarms’ operating hashrate by 11 per cent with only a 10 per cent down payment of US$1 million.
With prevailing economics, Bitfarms expects to recover its initial deposit in under one month.
The company expects the equipment to generate positive cash flows for three to five years.
Bitfarms will also obtain financing to purchase an additional 1,000 Whatsminer M30S machines to be delivered in three shipments in September, October and November.
Foundry will provide Bitfarms with a US$10 million equipment financing credit facility in early 2022 to acquire new machines.
Bitfarms is also pleased to join the Foundry USA Pool, which provides revenue via a full-pay-per-share model, as well as a number of management, auditing and reporting capabilities.
Emiliano Grodzki, CEO of Bitfarms, commented,
“We are excited to partner with an industry-leading provider of equipment financing to secure timely and reliable access to the latest generation of Bitcoin mining machines, and to continue to grow our business.”
Foundry, a wholly-owned subsidiary of Digital Currency Group, is a financing and advisory company focused on digital asset mining and staking.
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 4.6 per cent and is currently trading at $3.94 per share as of 9:41 am ET.