Bitfarms Announces Installed Hashrate of 1.2 EH/s and Provides Corporate Updates - Seite 2

Bitfarms is currently adding approximately 8 Bitcoins a day to the inventory and has to date mined and safely deposited in custody 489 Bitcoin and is currently valued at over US$27M as of March 23, 2021 with BTC at US$55,500.

• In the Fourth Quarter of 2020 - Bitfarms mined 577 BTC.
• In January 2021 – Bitfarms mined 197 BTC.
• In February 2021 – Bitfarms mined 180 BTC.
  

“The growth in Bitcoin value since January clearly shows the strategic importance of holding Bitcoin and the tremendous opportunity to generate strong value for our shareholders. Bitfarms is excited to continue our Bitcoin program. With over 500 Bitcoin mined in the first quarter alone, we are excited to be able to deliver one of the fastest growing Bitcoin production rates in North America and with some of the lowest costs of production,” said Emiliano Grodzki, Bitfarms’ Chief Executive Officer.

New Miner Purchases

The Company has recently completed two purchases of new-generation mining equipment manufactured by both MicroBT and Bitmain to be installed later in 2021. When deployed, the 2,200 miners will produce an additional 183 PH of production and consume approximately 7.25 MW of electricity. Based on Difficulty levels on March 23, 2021, this equipment alone is expected to produce an additional 1.1 Bitcoin per day at an average cost* of US$6,500 per Bitcoin.

Name	Miners		Model	Total Hash	Delivery
MicroBT	1,500		M31S+	120 PH	June 2021
Bitmain	700		S19j	63 PH	October 2021
Total	2,200			183 PH

2021 Quebec Development & Expansion

To deliver our growth forecast goals for 2021, Bitfarms has recently made significant commitments to developing new infrastructure in Quebec. These developments include our previously announced Cowansville site renovation from 4 Mw to 16.7 Mw that will be ready in July.

Additionally, Bitfarms has recently paid deposits on sufficient raw materials, transformers, and electrical equipment to build an additional 80 MW of capacity in Quebec over the remainder of 2021. The new infrastructure will be able to support approximately 20,000 new generation miners and that will add approximately 2 Exahash of new production. Additional expansion information will be announced during the second quarter of 2021.