- 3,733 BTC mined in first nine months of 2022, exceeding full year 2021 production -
- Achieves
- Initiates production and continues build out at first warehouse in
This news release constitutes a “designated news release” for purposes of the Company’s prospectus supplement dated
“Accomplishing a significant milestone in early September, we initiated production in
“Reaching 4.2 exahash/second (EH/s), we achieved our
Key Performance Indicators | |||
Total BTC Mined | 481 | 534 | 305 |
Month End Operating Hashrate | 4.2 | 3.9 | 1.5 |
BTC/ Avg EH | 122 | 141 | 211 |
Operating Capacity (MW) | 176 | 166 | 69 |
Hydropower MW | 166 | 166 | 69 |
Watts/TH Efficiency | 40 | 40 | 45 |
BTC Sold | 544 | 427 | 12 |
Select Operating Highlights
- 4.2 EH/s online as of
September 30, 2022 , up 180% fromSeptember 2021 and 8% fromAugust 31, 2022 . - 3.95 EH/s average online for month of September.
- 122 BTC/ average EH/s for the month of September, down 42% from 211 in
September 2021 and down 13.5% from 141 inAugust 2022 . - 481 new BTC mined during
September 2022 , up 57% fromSeptember 2021 and down 10% fromAugust 2022 . The decrease fromAugust 2022 production was primarily due to a 13% increase in network difficulty, a brief farm outage and a shorter month. - 16.0 BTC mined daily on average in September, equivalent to about
US$310,400 per day and approximatelyUS$9.31 million for the month based on a BTC price ofUS$19,400 onSeptember 30, 2022 .
Mining Operations
- In
Rio Cuarto, Argentina :- Energized first of five 10 MW modules, installed 1,751 miners and initiated production at the first 50-MW warehouse.
- Commenced construction on the second 50-MW warehouse. This facility is expected to be completed and ready for mining operations during Q2 2023.
- In
Sherbrooke, Québec , development continued on schedule:- As the 1,800 square foot expansion at the Garlock farm is nearing completion, 6 MW is expected to be energized in October and the full 18 MW by the end of the year.
- Phase 3 of The Bunker is progressing as planned with the remaining 12 MW of this farm expected to be online by the end of 2022.
Sherbrooke , upon the retirement of the de la Pointe farm, will consist of three farms with locations in close proximity to each another that are scheduled to have 96 MW operational by year end.
Bitfarms’ BTC Monthly Production
Month | BTC Mined 2022 | BTC Mined 2021 |
January | 301 | 199 |
February | 298 | 178 |
March | 363 | 221 |
April | 405 | 232 |
May | 431 | 262 |
June | 420 | 265 |
July | 500 | 391 |
August | 534 | 354 |
September | 481 | 305 |
Total YTD | 3,733 | 2,407 |
Financial Update
- Sold 544 BTC during
September 2022 , generating proceeds of$10.66 million . - Continued to deleverage the Company’s balance sheet by making principal paydowns totaling
$3.8 million and$26.8 million during September and the third quarter, respectively, and retiring three higher interest rate equipment loans. - Improved fleet efficiencies and optimized the roll out schedule of miners by selling
$3.8 million of surplus miners in Q3 2022 and reducing contractual associated liabilities and capex requirements. - Held 2,065 BTC in custody on
September 30, 2022 , representing a total value of approximatelyUS$40 million based on a BTC price ofUS$19,400 .
Conferences and Events
October 11 :Bitfarms 5th Anniversary Celebration inQuébec October 19-20 : Canadian Blockchain Summit inCalgary October 20 : Energy Innovator’s Roundtable inToronto October 25 : Bitfarms Open House and Tour at theWashington State Farm
About
Founded in 2017,
To learn more about Bitfarms’ events, developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the
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
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”, “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 and are intended to identify 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 global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing, including the Company’s ability to utilize the Company’s at-the-market offering (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of
Contacts:
LHA Investor Relations
+1 415-433-3777
Investors@bitfarms.com
+1 339-234-3332
mediarelations@bitfarms.com
Québec Media: Ryan Affaires Publiques
valerie@ryanap.com
Source:
2022 GlobeNewswire, Inc., source