Bitfarms Announces Purchase of 6,600 S19j Pro Antminers from Bitmain to Lift Hash Rate to Approx. 2.5 EH/s in the Fall

TORONTO and BROSSARD, Québec, May 06, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF // OTC:BFARF), today provides an update on its plans to reach its previously announced target hash rate of 3.0 EH/s by the end of 2021.

Additions to Mining Fleet

Bitfarms is pleased to announce the purchase of 6,600 new generation miners from Bitmain, as the Company aggressively adds to its fleet of installed miners, currently the largest reported installed Bitcoin hash rate in North America by a public company. This purchase of 660 PH is Bitfarms’ largest purchase from Bitmain to date.

Name	Miners	Model	Total Hash	Delivery
Bitmain	2,200	S19j Pro	220 PH/s	August, 2021
Bitmain	2,200	S19j Pro	220 PH/s	September 2021
Bitmain	2,200	S19j Pro	220 PH/s	October 2021
Total	6,600		660 PH/s

Cumulatively, this purchase represents 660 PH/s out of 1,053 PH/s of miners scheduled for delivery throughout the remainder of 2021. Once installed, these miners are expected to increase Bitfarms’ operating hash rate to approximately 2.5 EH/s. This represents a 159% growth rate from the end of 2020 and achieves 83% towards our year end goal of 3 EH/s. If all 2.5 EH/s of equipment were installed today, it would produce approximately 15.5 BTC per day under current market conditions. We intend to seek the acquisition of additional miners to accomplish our year-end goal when conditions are appropriate.

The purchase of 6,600 miners is in addition to the significant commitments Bitfarms has recently made to developing new infrastructure in Québec, which is required to deliver on its growth forecast goals for 2021. These developments include our previously announced Sherbrooke expansion plan, which is projected to increase Bitfarms’ installed power capacity by approximately 66 MW. The Sherbrooke expansion will be partially used to accommodate today’s announced newly purchased miners.