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4,500 Miners From MicroBT
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February 18, 2021 07:00 ET | Source: Bitfarms Ltd.
TORONTO and BROSSARD, Quebec, Feb. 18, 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, is pleased to announce we have increased our previously announced order of 3,000 MicroBT M31S+ miners by 50% to a total of 4,500 miners. These 4,500 miners will be delivered on schedule and be in production over the next 30 days.
Bitfarms’ current mining operations consists of five sites in Quebec, utilising environmentally friendly hydroelectric power. With the successful installation of these 4,500 miners, Bitfarms operational hashrate will increase 35% from 965 PH/s to 1.3 EH/s utilizing existing infrastructure. Additionally, the high efficiency of these miners will improve our overall efficiency by 12.5% to 49 w/TH, resulting in a direct reduction in Bitcoin Gross Mining Costs*. At prevailing mining difficulty levels as of February 17th, 2021, this translates to:
1. Daily production of over nine (9) Bitcoins
2. Daily Bitcoin production value over US$450,000 based on Bitcoin’s recent all time high of over US$50,000
3. Bitcoin Gross Mining Costs below US$7,000 per Bitcoin
As of Jan 1, 2021, almost all of our daily Bitcoin production has been added to our balance sheet in a Bitcoin retention pilot program. In just 46 days, this pilot program has accumulated over 250 BTC. During that period, the average daily Bitcoin price was ~$40,800. With Bitcoin recently surpassing US$50,000, Bitfarms is excited to report the early success of this program. With the addition of the new miners, the Company intends to continue to add more Bitcoin to its balance sheet at a faster pace and with lower per unit costs. Bitfarms expects to have approximately 500 BTC in the program in approximately 30 days.
The installation of these 4,500 miners will increase Bitfarms operational fleet and will maximise the utility of our current infrastructure. To prepare for future equipment purchases, Bitfarms recently began construction of Phase II at our site in Cowansville. This will expand the site capabilities from 4 MW to its full 16.7MW capacity and be able to accommodate up to 4,700 new generation miners. The buildout also includes a new repair lab and operations command center which is expected to be operational in Q2 2021.
“I’d like to wish a happy Chinese New Year and thank our partners at MicroBT for their sustained efforts over the last nine months to produce and deliver over 12,000 high efficiency Bitcoin miners to us. MicroBT miners are well known in the industry for their superior reliability and operability, contributing 100% of our hashrate growth over the same period. We are thrilled to continue to expand our relationship with MicroBT, especially at a time when the Bitcoin mining industry is more popular than ever,” said Emiliano Grodzki, Interim Chief Executive Officer of Bitfarms.
About Bitfarms Ltd.
Founded in 2017 Bitfarms is one of the one of the largest, oldest and most cost-effective public bitcoin mining operations in the world. Bitfarms run vertically integrated mining operations with onsite technical repair, data analytics and engineers to deliver high performance and uptime of operations.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. Bitfarms is currently listed as a Rising Star by the TSX-V.
Bitfarms has a diversified production platform with five industrial scale facilities located in Quebec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
To learn more about Bitfarms’ events, developments and online communities:
Website: www.bitfarms.com
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