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Bitfarms Ltd T.BITF

Alternate Symbol(s):  BITF

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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Post by Money_514on Jun 12, 2023 10:58am
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Post# 35491501

Bitfarms Increases Operational Hashrate to 5.3 EH/s

Bitfarms Increases Operational Hashrate to 5.3 EH/s

TORONTO, Ontario and BROSSARD, Qubec, June 12, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, reached a new hashrate high of 5.3 EH/s, up 6% from May 31, 2023.

“The first tranche of 2,982 MicroBT miners were installed and began hashing last week at our Rio Cuarto farm in Argentina. These miners contributed an additional 290 PH/s driving our hashrate to 5.3 EH/s,” said Ben Gagnon, Chief Mining Officer of Bitfarms. “With these new installations, operating capacity increased to 29 MW at Rio Cuarto and to 207 MW company-wide. An additional 3,300 miners are en route to Rio Cuarto and will improve production and energy efficiency at this facilty when installed in July.”

Jeff Lucas, Chief Financial Officer of Bitfarms, added, “With miner deliveries and installations progressing smoothly, we continue to execute on our strategy of accretive growth. These competitively priced miners, combined with high energy efficiency and the lowest cost electricity in our portfolio, are expected to generate a rapid return on investment, reduce our average operating costs per TH, and improve our cash flow.”

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