Bitfarms Provides Mining Operations UpdateGlobeNewswire - Thu Jun 10, 6:00AM CDT Bitfarms Ltd. ("Bitfarms", or the "Company") (TSXV: BITF // OTC:BFARF), today provides a Bitcoin production update.
Bitcoin Production Update
Since Bitfarms' founding in 2017, Bitfarms has mined over 11,300 Bitcoin with 100% renewable hydropower in North America. Based on public information of other publicly traded cryptocurrency mining companies, Bitfarms estimates that it has mined the largest amount of Bitcoin with renewable energy, which is a testament to its long-standing operational history and early focus on ESG.
Since starting its Bitcoin Inventory Pilot Program in early January this year, Bitfarms has been adding almost all newly mined Bitcoins to its balance sheet. In 2021, through the close of business on June 9, Bitfarms has added 1,114 mined Bitcoin to treasury. This Bitcoin is currently worth over US$41 million based on a Bitcoin price of US$37,000.
Notably, recent developments in China restricting Bitcoin mining in certain provinces have been beneficial to Bitfarms. As the hashrate of Chinese miners falls, Bitfarms has earned higher transaction fees and increased its share of the total Bitcoin network hashrate. As a result, Bitfarms has been earning more Bitcoin for the same amount of computational power and operational cost.
"Since our inception, we have worked at building an institutional grade and vertically-integrated mining company with high levels of Bitcoin production at minimal costs. This year Bitfarms is experiencing its fastest rate of growth ever, while benefitting from declining network hashrates due to developments in China. Due to the addition of new and more efficient miners to our fleet, we expect to more than double our installed hashrate from now until the end of the year," said Emiliano Grodzki, Bitfarms' Chief Executive Officer.
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Website: www.bitfarms.com