Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms”), a global vertically
integrated Bitcoin data center company, entered into the definitive
lease agreement and has assumed control of its newest data center
in Sharon, Pennsylvania, initially announced on June 13, 2024.
This site represents Bitfarms’ first mega-site
in the U.S. with access to up to 120 MW. With this transaction,
Bitfarms has closed on 110 MW, 30 of which are slated to come
online by YE 2024. Bitfarms has also signed a Letter of Intent for
a lease to an additional 10 MW site, which will bring total site
capacity to 120 MW in 2025.
“This site increases our U.S. presence nearly
sevenfold and kickstarts our aggressive U.S. growth plan,” said Ben
Gagnon, Bitfarms CEO. “The Pennsylvania-New Jersey-Maryland (PJM)
grid is the largest wholesale electricity market in the U.S.,
offering abundant access to competitively priced and flexible power
that is attractive for Bitcoin mining, energy trading, and HPC/AI,
among other uses. For Bitcoin mining specifically, the site is
expected to support up to 8 EH/s+ with the latest generation
miners, and there are significant curtailment, demand-response and
energy trading opportunities available to effectively hedge our
energy costs and bring down the total cost of power. Our team has
already ordered the necessary equipment, and our current
expectation is to bring 30 MW of capacity online by year-end 2024,”
concluded Gagnon.
About Bitfarms Ltd. Founded in
2017, Bitfarms is a global Bitcoin data center company that
contributes its computational power to one or more mining pools
from which it receives payment in Bitcoin. Bitfarms develops, owns,
and operates vertically integrated mining farms with in-house
management and company-owned electrical engineering, installation
service, and multiple onsite technical repair centers. Bitfarms’
proprietary data analytics system delivers best-in-class
operational performance and uptime.
Bitfarms currently has 12 operating Bitcoin data
centers and two under development situated in four countries:
Canada, the United States, Paraguay, and Argentina. Powered
predominantly by environmentally friendly hydro-electric and
long-term power contracts, Bitfarms is committed to using
sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events,
developments, and online communities:
www.bitfarms.com https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- HPC = High-performance computing
- AI = Artificial intelligence
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
Forward-Looking Statements
This news release contains certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release and are covered by safe harbors under Canadian and United
States securities laws. The statements and information in this
release regarding projected growth, target hashrate, ability to
take full advantage of PJM offerings and programs, opportunities
relating to the Company’s geographical diversification and
expansion, upgrading and deployment of miners as well as the timing
therefor, other growth opportunities and prospects, and other
statements regarding future growth, and plans and objectives of the
Company are forward-looking information. Any statements that
involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
“expects”, or “does not expect”, “is expected”, “anticipates” or
“does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”,
“estimates”, “prospects”, “believes” or “intends” or variations of
such words and phrases or stating that certain actions, events or
results “may” or “could”, “would”, “might” or “will” be taken to
occur or be achieved) are not statements of historical fact and may
be forward-looking information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the construction and operation of the
Company’s facilities may not occur as currently planned, or at all;
expansion may not materialize as currently anticipated, or at all;
the LOI on the 10 MW is subject to setting a definitive lease
agreement and TSX approval, none of which is assured; the power
purchase agreements and economics thereof may not be as
advantageous as expected; the Bitcoin market; the ability to
successfully mine Bitcoin; revenue may not increase as currently
anticipated, or at all; it may not be possible to profitably
liquidate the current Bitcoin inventory, or at all; a decline in
Bitcoin prices may have a significant negative impact on
operations; an increase in network difficulty may have a
significant negative impact on operations; the volatility of
Bitcoin prices; the anticipated growth and sustainability of
hydroelectricity for the purposes of Bitcoin mining in the
applicable jurisdictions; the inability to maintain reliable and
economical sources of power for the Company to operate Bitcoin
mining assets; the risks of an increase in the Company’s
electricity costs, cost of natural gas, changes in currency
exchange rates, energy curtailment or regulatory changes in the
energy regimes in the jurisdictions in which the Company operates
and the potential adverse impact on the Company’s profitability;
the ability to complete current and future financings; the impact
of the Restatement on the price of the Company’s common shares,
financial condition and results of operations; the risk that a
material weakness in internal control over financial reporting
could result in a misstatement of the Company’s financial position
that may lead to a material misstatement of the annual or interim
consolidated financial statements if not prevented or detected on a
timely basis; historical prices of digital currencies and the
ability to mine digital currencies that will be consistent with
historical prices; and the adoption or expansion of any regulation
or law that will prevent Bitfarms from operating its business, or
make it more costly to do so. For further information concerning
these and other risks and uncertainties, refer to the Company’s
filings on www.sedarplus.ca (which are also available on the
website of the U.S. Securities and Exchange Commission at
www.sec.gov including the MD&A for the year-ended December 31,
2023, filed on March 7, 2024 and the MD&A for the three and six
months ended June 30, 2024 filed on August 8, 2024. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those expressed in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended, including
factors that are currently unknown to or deemed immaterial by the
Company. There can be no assurance that such statements will prove
to be accurate as actual results, and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Investor Relations Contacts:
BitfarmsTracy KrummeSVP, Head of IR & Corp. Comms. +1
786-671-5638tkrumme@bitfarms.com
Innisfree M&A IncorporatedGabrielle Wolf / Scott Winter+1
212-750-5833
Laurel Hill Advisory
Group1-877-452-7184416-304-0211assistance@laurelhill.com
Media Contacts:
U.S.: Joele Frank, Wilkinson Brimmer KatcherDan Katcher or
Joseph Sala212-355-4449
Québec:Tact Louis-Martin Leclerc+1
418-693-2425lmleclerc@tactconseil.ca
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