02:22:02 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bitfarms Ltd
Symbol BITF
Shares Issued 199,198,693
Close 2022-10-03 C$ 1.46
Market Cap C$ 290,830,092
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Bitfarms mines 481 bitcoin in September

2022-10-03 09:55 ET - News Release

Mr. Geoff Morphy reports

BITFARMS PROVIDES SEPTEMBER 2022 PRODUCTION AND MINING OPERATIONS UPDATE

Bitfarms Ltd. has provided a bitcoin (BTC) production and mining operations update for September, 2022.

"Accomplishing a significant milestone in early September, we initiated production in Rio Cuarto, Argentina, with our first 10-megawatt (MW) module," said Geoff Morphy, president and chief operating officer of Bitfarms. "As of Sept. 30, we installed 1,751 miners at this location and have pending 3,000 miners at Argentina customs slotted to add to production throughout Q4 2022. During the month, we also began construction at our second 50 MW warehouse in Rio Cuarto, which is on target to be completed during Q2 2023."

"Reaching 4.2 exahashes/second (EH/s), we achieved our Sept. 30, 2022, target operating hashrate," said Ben Gagnon, chief mining officer of Bitfarms. "During September, we mined 481 BTC, averaging 16 BTC mined per day and exited the month at 17 BTC mined per day. Our increased capacity continues to deliver growth, even while network difficulty increased as much as 13 per cent. A higher network hashrate, due in part to previously idle miners coming back on-line, and the shorter 30-day month were the primary drivers of lower monthly production compared to August. In the first nine months of 2022, we mined 3,733 BTC, surpassing 2021 full-year production of 3,452 BTC by 8 per cent heading into Q4. With 229 MW planned to be developed by the end of the year, we are well positioned to further grow production in 2023."

Select operating highlights:

  • 4.2 EH/s on-line as of Sept. 30, 2022, up 180 per cent from September, 2021, and 8 per cent from Aug. 31, 2022;
  • 3.95 EH/s average on-line for month of September;
  • 122 BTC per average EH/s for the month of September, down 42 per cent from 211 in September, 2021, and down 13.5 per cent from 141 in August, 2022;
  • 481 new BTC mined during September, 2022, up 57 per cent from September, 2021, and down 10 per cent from August, 2022. The decrease from August, 2022, production was primarily due to a 13-per-cent increase in network difficulty, a brief farm outage and a shorter month;
  • 16 BTC mined daily on average in September, equivalent to about $310,400 (U.S.) per day and approximately $9.31-million (U.S.) for the month based on a BTC price of $19,400 (U.S.) on Sept. 30, 2022.

Mining operations:

  • In Rio Cuarto, Argentina:
    • Energized first of five 10 MW modules, installed 1,751 miners and initiated production at the first 50 MW warehouse;
    • Commenced construction on the second 50 MW warehouse. This facility is expected to be completed and ready for mining operations during Q2 2023.
  • In Sherbrooke, Que., development continued on schedule:
    • As the 1,800 square foot expansion at the Garlock farm is nearing completion, six MW is expected to be energized in October and the full 18 MW by the end of the year;
    • Phase 3 of The Bunker is progressing as planned with the remaining 12 MW of this farm expected to be on-line by the end of 2022.
    • Sherbrooke, upon the retirement of the de la Pointe farm, will consist of three farms with locations in close proximity to each another, that are scheduled to have 96 MW operational by year-end.

Financial update

  • Sold 544 BTC during September, 2022, generating proceeds of $10.66-million;
  • Continued to deleverage the company's balance sheet by making principal paydowns totalling $3.8-million and $26.8-million during September and the third quarter, respectively, and retiring three higher-interest-rate equipment loans.
  • Improved fleet efficiencies and optimized the rollout schedule of miners by selling $3.8-million of surplus miners in Q3 2022, and reducing contractual associated liabilities and capex (capital expenditure) requirements;
  • Held 2,065 BTC in custody on Sept. 30, 2022, representing a total value of approximately $40-million (U.S.) based on a BTC price of $19,400 (U.S.).

Conferences and events

Bitfarms plans to host or attend the following events in the next month:

  • Oct. 11: Bitfarms fifth anniversary celebration in Quebec;
  • Oct. 19 to 20: Canadian Blockchain Summit in Calgary;
  • Oct. 20: Energy Innovator's Roundtable in Toronto;
  • Oct. 25: Bitfarms open house and tour at the Washington State farm.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global, publicly traded bitcoin self-mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service, and on-site technical repair. The company's proprietary data analytics system delivers best-in-class operational performance and accelerated uptime.

Bitfarms has 10 mining facilities in production around the world, which are housed in four countries: Canada, the United States, Paraguay and Argentina. Powered by predominantly environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using renewable, locally based and often underutilized energy infrastructure.

We seek Safe Harbor.

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