Bitfarms Announces Plan to More than Double Installed Power Capacity in Québec in 2021 and Increases Hashrate to 1.42 EH/s
TORONTO, Ontario and BROSSARD, Quebec, April 26, 2021 (GLOBE NEWSWIRE) -- Bitfarms
Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), today provides an update regarding its expansion plans in Québec.
2021 Québec Development & Expansion
To deliver our growth forecast goals for 2021, Bitfarms has recently made significant commitments to developing new infrastructure in Québec. These developments include our previously announced Cowansville site renovation which will involve the increase in the installed power at the site from 4 MW to 17 MW. The expanded facility will be ready in July 2021. The Cowansville expansion will be equipped with the previously announced new miner deliveries:
|MicroBT||496||M31S+||40 PH/s||April 23rd 2021|
|MicroBT||1,500||M31S+||120 PH/s||June 2021|
|MicroBT||1,500||M31S+||120 PH/s||July 2021|
With the completion of the Cowansville expansion, Bitfarms will have successfully developed 82 MW out of our 160 MW of contractual capacity with Hydro Quebec.
In addition, Bitfarms recently ordered materials, transformers, and electrical equipment to develop a further 66 MW of power capacity in Québec during the remainder of 2021 for a new mining site in Sherbrooke. Combined with the Cowansville expansion, a total of 79 MW of new mining infrastructure powered by green Québec hydro power will be developed and will become operational in 2021. Cumulatively Bitfarms is expecting to have 148 MW of installed hydro power mining infrastructure in Quebec by the end of 2021.
The new infrastructure will be able to support approximately 21,000 new generation miners capable of adding approximately 2.1 EH/s of new production. Many of the 48,000 WhatsMiner mining rigs previously announced for delivery starting in January 2022 or perhaps sooner, are destined for the existing and new mining facilities located in Sherbrooke, Quebec.
On Friday April 23rd, Bitfarms received and installed on the same day, 496 MicroBT M31S+ miners. These miners increased Bitfarms operating hashrate to 1.42 EH/s - the largest currently reported in North America by a public company.