Bitfarms Mined over 3,000 Bitcoin in 2021 through November

- Increases Hashrate 300 Petahash to 2.1 Exahash –

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.

TORONTO, Ontario and BROSSARD, Québec, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, provides a Bitcoin (BTC) production and operations update for the month of November 2021.

“Our industry leading BTC production reached over 3,000 BTC mined in the first 11 months of 2021,” said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “Even with an increase in network difficulty, our BTC production level held steady in November, and we ended the month with nearly 3,000 Bitcoin, valued at $175 million at current market prices. In addition, robust miner deliveries and installations continued throughout November, driving a 16% increase in our hashrate, which now stands at 2.1 exahash per second (EH/s). We expect all remaining miners scheduled for 2021 delivery to be received in the first half of December. Regarding development, we currently have four farms with 298 MW capacity under construction, and we anticipate beginning initial production in Paraguay by year end.”

November 2021 Bitfarms’ Mining Production Update

• 2.1 EH/s achieved effective November 25, 2021.
• 339 new BTC mined during November 2021.
• 3,089 BTC mined in the first eleven months of 2021.
• 11+ BTC mined daily on average, equivalent to about US$649,000 per day based on a BTC price of US$59,000 on November 30.
• 2,973 BTC deposited into custody for the year through November 30, 2021, representing approximately 96% of Bitfarms’ 2021 BTC production and a total value of approximately US$175 million based on a BTC price of US$59,000.

November 2021 Bitfarms’ Mining Operations Highlights

• 3,588 Bitmain S19j Pro miners received.
• 400 MicroBT M30S miners received.
• The remaining 702 Bitmain S19j Pro scheduled for delivery are expected to be received in the first half of December.
• Contractually secured 1,200 Bitmain S19 XP miners for delivery in 2022 – at 140 Terahash per second the most powerful and efficient miner available in the market today.
• Acquired a 24-Megawatt (MW) hydro-powered facility in Washington state and entered into a Memorandum of Understanding to co-develop up to an additional 75 MW in the area.
• Boosted capacity from 82 MW to 106 MW, reflecting the acquisition of the Washington state facility.

Bitfarms’ BTC 2021 Monthly Production