Bitfarms barks back at "misinformation" on power deals
2022-11-04 07:49 ET - News Release
An anonymous director reports
BITFARMS RESPONDS TO ERRONEOUS ARTICLE, ADVISING THAT CURRENT HYDROELECTRIC ENERGY AGREEMENTS REMAIN IN PLACE; CURRENT AND FUTURE PRODUCTION CONTINUES
Bitfarms Ltd.'s power agreements with Hydro-Quebec remain in place. The company expects that its current and future bitcoin production will continue for the foreseeable future without disruption.
Bitfarms notes that erroneous information was disseminated in a Nov. 3, 2022, article titled "Canadian Energy Provider Hydro-Quebec Proposes Stopping Electricity Supply to Blockchain Industry," resulting in misinformation spreading quickly through media networks and on social media. The article mischaracterized Hydro-Quebec's recently submitted 10-year supply plan in stating that the plan advocated the termination of electricity to existing mining operations.
Bitfarms has invested over $350-million in Quebec since its inception and currently employs over 100 employees. The company continues to look to expand its operations in Quebec and add more jobs across the region. As such, Bitfarms believes it is necessary to respond to the article's false implications.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly traded bitcoin self-mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service and on-site technical repair. The company's proprietary data analytics system delivers best-in-class operational performance and accelerated uptime.
Bitfarms has 10 mining facilities in operation and development production around the world, which are housed in four countries: Canada, the United States, Paraguay and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using renewable, locally based and often-underutilized energy infrastructure.
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