Bitfarms Announces Hashrate Growth, Bitcoin Inventory and Stock Market Listing Updates
TORONTO, Ontario and BROSSARD, Quebec, April 16, 2021 (GLOBE NEWSWIRE) -- Bitfarms
Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), one of the largest, oldest and most cost-effective public Bitcoin mining operations
in the world, today announces a number of corporate developments.
New Miner Purchases
The Company has recently completed two purchases of new-generation mining equipment manufactured by MicroBT to be installed through August. When deployed, the 1,996 miners will produce an additional 160 PH/s. These purchases are in addition to the 1,500 M31S+ previously announced for delivery in June for a total of 280 PH/s of new equipment to be installed in our Cowansville expansion expected to be complete in July.
|Name||Miners||Model||Total Hash||Delivery Month|
|MicroBT||496||M31S+||40 PH/s||April 2021|
|MicroBT||1,500||M31S+||120 PH/s||June 2021*|
|MicroBT||1,500||M31S+||120 PH/s||July 2021|
|*previously announced on March 24, 2021.|
The Company has recently started rehabilitation of older and mid-generation equipment that were previously cost-ineffective to repair. When rehabilitated, this equipment will restore approximately 80 PH/s of production to Bitfarms for a capital cost of approximately US$5 per TH/s. This compares to nearly US$120 per TH/s for new generation equipment on the spot market today, providing a near immediate return on investment.
Bitcoin Inventory Pilot Program
This week Bitcoin set another new all-time high of more than US$64,000, a more than 100% increase Year-To-Date.
During this time, Bitfarms has mined and retained over 650 Bitcoin in reserve, currently valued at US$41 million at US$63,000 per Bitcoin and is currently adding approximately 7.5 Bitcoin per day to inventory. With prevailing difficulty, Bitfarms expects its mined Bitcoin inventory will grow to 1,000 Bitcoin within the next 50 days, representing approximately US$63 million worth of value for our shareholders at prevailing prices.