Bitfarms Provides June 2024 Production and Operations Update

07/01/2024 – 07:00 AM

– Earned 189 BTC in June 2024 –
– Elevated put in hashrate to 11.4 EH/s with 10.4 EH/s operational –
– Improved vitality effectivity to 25 w/TH, up 36% Y/Y and 7.4% M/M –
– Strategic U.S. growth with 120 MW web site, effectively suited to HPC/AI –
– 2025 energy capability goal greater than doubles to 648 MW from present 310 MW –
– On monitor to ship 21 EH/s and 21 w/TH in 2024; Initiated 2025 steerage of 35+ EH/s –  

This information launch constitutes a “designated information launch” for the needs of the Firm’s prospectus complement dated March 8, 2024, to its quick type base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Quebec, July 01, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/ TSX: BITF), a world vertically built-in Bitcoin mining firm, gives its month-to-month manufacturing report and replace on its fleet improve and growth. All monetary references are in U.S. {dollars}.

“We proceed to make progress on our fleet upgrades and new facility constructions, having put in over 39,000 new miners and deracked over 39,000 previous miners to date this yr. We exited the month with 11.4 EH/s put in, 10.4 EH/s operational and 25 w/TH effectivity,” stated Ben Gagnon, Chief Mining Officer. “Upgrades in any respect of our Quebec amenities at the moment are full and have considerably expanded our hashrate and improved our vitality effectivity and gross mining margins throughout our portfolio.”

“In Paraguay, our Paso Pe facility was energized with 4 of 5 warehouses and 6 of 8 hydro containers totally operational, contributing 2.5 EH/s with the remaining 0.6 EH/s to be energized in July. Extreme climate in June, impacting each logistics and operations, contributed to reasonable delays and non permanent underperformance of miners.”

Executing on our technique to cost-effectively increase our U.S. working footprint, Bitfarms entered into a brand new settlement to develop a 120 MW web site in Sharon, Pennsylvania. Located strategically throughout the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the biggest wholesale electrical energy market within the U.S., and in a deregulated state, this web site provides entry to competitively priced electrical energy provide with alternatives to take part in demand response and curtailment applications, positioning Bitfarms to enhance its company electrical energy value. The positioning is effectively suited to excessive depth computing past Bitcoin mining, together with HPC (excessive efficiency computing) and AI (synthetic intelligence) companies.

Phillippe Fortier, SVP of Company Growth, acknowledged, “We’re assured that Sharon’s operations within the PJM grid will present long-term entry to low-cost U.S. vitality and versatile energy buying and selling choices along with income diversification alternatives. Importantly, PJM’s fast alternative of coal powered vegetation is among the many largest contributors to the discount of greenhouse gasoline emissions within the U.S., rendering the chance each environmentally and economically sustainable. Given these vital benefits, we’re actively engaged in assessing a number of alternatives to increase our presence throughout the engaging PJM area.”

“Leveraging our operational excellence and information heart design experience, we’re poised to optimize this web site and drive accretive progress,” stated Jeff Lucas, Chief Monetary Officer. “This brings our 2025 energy capability goal to 648 MW, representing 109% progress from present capability. With the Sharon web site’s skill to help 8 EH/s, alongside our current acquisition of a further 100 MW in Paraguay, we’re initiating 2025 steerage of over 35 EH/s. As further alternatives in our pipeline come to fruition, we are going to replace each our contracted energy capability and our 2025 EH/s goal. We stay dedicated to pursuing related strategic ventures aimed toward delivering vital worth to our shareholders.”

Mining Assessment

In June, the Paso Pe 70 MW substation was efficiently energized, making it the Firm’s largest energetic facility by each hashrate and vitality capability. Transport delays on miners into Paraguay have resulted in a brief delay in putting in 600 PH/s. These miners at the moment are scheduled to be obtained, put in and energized in July.

June mining operations generated 189 BTC in comparison with 156 BTC in Could because of rising company hashrate in the course of the month. Moreover, curtailment in Argentina and downtime related to upgrading miners in Quebec diminished whole manufacturing which was partially offset by a 0.8% lower in community problem in comparison with Could.

June 2024 Choose Working Highlights

• 10.4 EH/s on-line at June 30, 2024, up 96% Y/Y and 39% M/M.
• 7.6 EH/s common on-line, up 19% M/M.
• 24.9 BTC/common EH/s, up 2% from the earlier month with the set up of Bitmain T21 miners.
• 189 BTC earned, 21% increased M/M and 51% decrease Y/Y.
• 6.3 BTC earned every day on common, equal to ~$384,000 per day based mostly on a BTC value of $61,000 at June 30, 2024.
• In Québec,
  • At Leger, put in 4,400 for a complete of 5,300 Bitmain T21 miners.
  • At Baie-Comeau, accomplished set up of 1,944 Bitmain T21 miners.
  • At Saint-Hyacinthe, put in 3,744 Bitmain S21 miners, making it the Firm’s best web site at 17.5 w/TH.
• In Paraguay,
  • At Paso Pe:
    • Completed testing and energized the 70 MW substation.
    • Energized 4 of 5 warehouses and 6 of 8 hydro containers.
  • At Yguazu, framing started on the brand new warehouses.

Bitfarms’ BTC Month-to-month Manufacturing

June 2024 Monetary Replace

• Bought 134 of the 189 BTC earned as a part of the Firm’s common treasury administration course of for whole proceeds of $8.8 million.
• Complete liquidity of $194 million, together with $139 million in money at June 30, 2024.
• 905 BTC in treasury, up from 850 BTC final month and representing $55.2 million based mostly on a BTC value of $61,000 at June 30, 2024. 
• Artificial HODL™ of 208 long-dated BTC name choices at June 30, 2024.

Upcoming Conferences and Occasions

• July 9-13: Alberta Commerce Mission and Stampede, Calgary, Alberta
• July 25-27: Bitcoin Convention, Nashville, TN
• September Sep 11: H.C. Wainwright twenty sixth Annual International Funding Convention

About Bitfarms Ltd

Based in 2017, Bitfarms is a world Bitcoin mining firm that contributes its computational energy to a number of mining swimming pools from which it receives fee in Bitcoin. Bitfarms develops, owns, and operates vertically built-in mining amenities with in-house administration and company-owned electrical engineering, set up service, and a number of onsite technical restore facilities. The Firm’s proprietary information analytics system delivers best-in-class operational efficiency and uptime.

Bitfarms at present has 12 working Bitcoin mining amenities and two below growth located in 4 international locations: Canada, the US, Paraguay, and Argentina. Powered predominantly by environmentally pleasant hydro-electric and long-term energy contracts, Bitfarms is dedicated to utilizing sustainable and sometimes underutilized vitality infrastructure.

To be taught extra about Bitfarms’ occasions, developments, and on-line communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Glossary of Phrases

• Y/Y or M/M= yr over yr or month over month
• BTC or BTC/day = Bitcoin or Bitcoin per day
• HPC = Excessive-performance computing
• AI = Synthetic intelligence
• EH or EH/s = Exahash or exahash per second
• MW or MWh = Megawatts or megawatt hour
• PH or PH/s = Petahash or petahash per second
• TH or TH/s = Terahash or terahash per second
• w/TH = Watts/Terahash effectivity (consists of value of powering supplementary tools
• Artificial HODL™ = using devices that create BTC equal publicity

Cautionary Assertion

Buying and selling within the securities of the Firm ought to be thought of extremely speculative. No inventory trade, securities fee or different regulatory authority has accredited or disapproved the knowledge contained herein. Neither the Toronto Inventory Alternate, Nasdaq, or another securities trade or regulatory authority accepts accountability for the adequacy or accuracy of this launch.

Ahead-Wanting Statements

This information launch accommodates sure “forward-looking info” and “forward-looking statements” (collectively, “forward-looking info”) which can be based mostly on expectations, estimates and projections as on the date of this information launch and are lined by protected harbors below Canadian and United States securities legal guidelines. The statements and knowledge on this launch relating to projected progress, goal hashrate, alternatives referring to the Firm’s geographical diversification and growth, upgrading and deployment of miners in addition to the timing therefor, improved monetary efficiency and stability sheet liquidity, different progress alternatives and prospects, and different statements relating to future progress, plans and aims of the Firm are forward-looking info. Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not at all times utilizing phrases similar to “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “may”, “would”, “may” or “will” be taken to happen or be achieved) are usually not statements of historic truth and could also be forward-looking info and are supposed to determine forward-looking info.

This forward-looking info relies on assumptions and estimates of administration of the Firm on the time they have been made, and entails recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency, or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such elements embrace, amongst others, dangers referring to: the development and operation of latest amenities might not happen as at present deliberate, or in any respect; growth of current amenities might not materialize as at present anticipated, or in any respect; new miners might not carry out as much as expectations; income might not improve as at present anticipated, or in any respect; the continuing skill to efficiently mine digital forex isn’t assured; it is probably not attainable to profitably liquidate the present digital forex stock, or in any respect; the digital forex market might not proceed to be accepted by customers; digital forex costs are risky and a decline in digital forex costs might have a big destructive affect on operations; a rise in community problem might have a big destructive affect on operations; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions is probably not achieved; the Firm might not be capable to preserve dependable and economical sources of energy for the Firm to function its cryptocurrency mining property; there could also be will increase within the Firm’s electrical energy prices and prices of pure gasoline, the Firm could also be impacted by modifications in forex trade charges, vitality curtailment or regulatory modifications within the vitality regimes within the jurisdictions through which the Firm operates, which may adversely affect the Firm’s profitability; the Firm skill to increase will rely upon the completion of future financings; and the adoption of latest, or modifications in current, rules or legal guidelines may forestall the Firm from working its enterprise, or make it extra expensive to take action. For additional info regarding these and different dangers and uncertainties, check with the Firm’s filings on www.SEDAR.com (that are additionally obtainable on the web site of the U.S. Securities and Alternate Fee at www.sec.gov), together with the Firm’s annual info type for the year-ended December 31, 2023, filed on March 7,2024 and the MD&A for the three-month interval ended March 31, 2024. Though the Firm has tried to determine essential elements that would trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There may be no assurance that such statements will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on any forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info apart from as required by regulation.

Investor Relations Contacts:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
[email protected]

Innisfree M&A Included
Gabrielle Wolf / Scott Winter
+1 212-750-5833

Laurel Hill Advisory Group
1-877-452-7184
416-304-0211
[email protected]

Media Contacts:

U.S.: Joele Frank, Wilkinson Brimmer Katcher
Dan Katcher or Joseph Sala
+1 212-355-4449

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
[email protected]