Bitfarms Ltd T.BITF

Alternate Symbol(s): BITF

Technology Software - Application

Bitfarms Ltd. is a Canada-based global vertically integrated bitcoin mining company. The Company 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. The Company’s proprietary data analytics system delivers operational performance and uptime. The Company operates through the cryptocurrency mining segment. The Company operates server farms comprised of computers (Miners) designed for the purpose of validating transactions on the Bitcoin (BTC) Blockchain (Mining). The Company also operates Miners about 24 hours a day producing computational power (measured by hashrate) which it sells to Mining Pools under a formula-driven rate commonly known as Full Pay Per Share (FPPS). The Company has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina.

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Bitfarms Ltd > Audited report released yesterday

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Post by remyken1509on Apr 14, 2021 11:05am

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Post# 32992616

Audited report released yesterday

Hi

Bitfarm sank today.

Checked SEDAR yesterday and only thing I came upon was the release yesterday of the annual audited report.

What caught my attention can be found page 29, note 3: change to accounting poliy

"The Company did not have any cryptocurrency on hand as at December 31, 2020 or December 31, 2019."

Didn't Management in their last PR stated they had mined 500 bitcoins by the end of the 4th quarter?

Can anyone explain that discrepency between the statement and the audited annual report?

Thanks

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