TORONTO and BROSSARD, Québec, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq: BITF // TSXV: BITF), a publicly traded Bitcoin mining company currently powering over 1% of the Bitcoin network with greater than 99% green hydroelectricity, announces today it has reached an agreement with the City of Sherbrooke, Québec, on a comprehensive agreement to develop 96 MW of hydropower on an expedited basis. The agreement with the City advances the Company’s growth goals of 3 Exahash by first quarter 2022 and 8 Exahash by year-end 2022 while addressing residential concerns about sound emissions.
Under the agreement, Bitfarms’ current operations in the City of Sherbrooke on Rue de la Pointe will be replaced by new, high efficiency facilities with next-generation mining equipment optimized for higher output levels and lower power consumption. To address the sound level concerns, the new facilities will be situated in more remote locations and include, if required, sound monitoring equipment that allows Bitfarms to adjust operations to reduce sound levels on a real-time basis.
“This agreement is a ‘win-win-win’ for the City, its residents, and for Bitfarms,” emphasized Emiliano Grodzki, Chief Executive Officer of Bitfarms. “We regret the inconvenience to those citizens of Sherbrooke who have been affected by the noise from our Rue de la Pointe facility. We have invested considerable resources to be attentive to their expectations and are committed to meeting with them to address their concerns. Bitfarms is dedicated to social responsibility globally and within the communities in which we operate. The City of Sherbrooke is important to us, and this agreement demonstrates our desire to work with and support our local communities as we achieve our growth goals,” added Mr. Grodzki.
AboutBitfarmsLtd.
Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market.
Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.
To learn more about Bitfarms’ events, developments, and online communities:
Website: www.bitfarms.com
http://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/ https://www.linkedin.com/company/bitfarms/
DefinedTerms
MW: Megawatt
CautionaryStatement
Trading in the securities of the Company should be considered highly speculative. No stockexchange,securitiescommissionorotherregulatoryauthorityhasapprovedordisapprovedtheinformation contained herein. Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange) Nasdaq, nor anyother securities exchange or regulatory authority accepts responsibility for the adequacy oraccuracyofthisrelease.
Forward-LookingStatements
Thisnewsreleasecontainscertain“forward-lookinginformation”and“forward-lookingstatements”(collectively,“forward-lookinginformation”)thatarebasedonexpectations,estimates and projections as at the date of this news release and are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The information in this releaseregarding expectations in respect to the procurement of miners, Company expansion plans, including relocation and construction of Bitcoin mining facilities,andaboutfutureplans andobjectivesofthe Company are forward-looking information.The Company may also discuss “forward-lookinginformation” or make “forward-looking statements” in other communications by the Company,including the conference call related to the Company’s financial results. Other forward-lookinginformation includes, but is not limited to, information concerning: the intentions, plans andfuture actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency,revenueincreasingascurrentlyanticipated,theabilitytoprofitablyliquidatecurrentandfuturedigital currency inventory, volatility of network difficulty and digital currency prices and thepotential resulting significant negative impact on the Company’s operations, the constructionand operation of expanded blockchain infrastructure as currently planned, and the regulatoryenvironmentforcryptocurrencyintheapplicablejurisdictions.
Anystatementsthatinvolvediscussionswithrespecttopredictions,expectations,beliefs,plans,projections, objectives, assumptions, future events or performance (often but not always usingphrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does notanticipate”,“plans”,“budget”,“scheduled”, “forecasts”,“estimates”,“believes”or“intends”orvariations 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 ofhistorical fact and may be forward-looking information and are intended to identify forward-lookinginformation.
Thisforward-lookinginformationisbasedonassumptionsandestimatesofmanagementoftheCompanyatthetimetheyweremade,andinvolvesknownandunknownrisks,uncertaintiesandotherfactorswhichmaycausetheactualresults,performance,orachievementsoftheCompanyto be materially different from any future results, performance or achievements expressed orimplied by such forward-looking information. Such factors include, among others, risks relatingto:marketconditionsandotherfactorsthatmayaffecttheCompany’sabilitytoutilizetheATM Program and the prices at which the Company may sell Common Shares in the ATM Program;the dilutive effect of issuances of Common Shares in the ATM Program; the global economicclimate; dilution; the Company’s limited operating history; future capital needs and uncertaintyofadditionalfinancing;thecompetitivenatureoftheindustry;currencyexchangerisks;theneedfortheCompanytomanageitsplannedgrowthandexpansion;theeffectsofproductdevelopment and need for continued technology change; protection of proprietary rights; theeffect of government regulation and compliance on the Company and the industry; networksecurity risks; the ability of the Company to maintain properly working systems; reliance on keypersonnel; global economic and financial market deterioration impeding access to capital orincreasingthecostofcapital;andvolatilesecuritiesmarketsimpactingsecuritypricingunrelatedto operating performance. In addition, particular factors that could impact future results of thebusinessofBitfarmsinclude,butarenotlimitedto:theconstructionandoperationofblockchaininfrastructure may not occur as currently planned, or at all; expansion may not materialize ascurrentlyanticipated,oratall;thedigitalcurrencymarket;theabilitytosuccessfullyminedigitalcurrency; revenue may not increase as currently anticipated, or at all; it may not be possible toprofitably liquidate the current digital currency inventory, or at all; a decline in digital currencyprices may have a significant negative impact on operations; an increase in network difficultymay have a significant negative impact on operations; the volatility of digital currency prices;the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrencymining in the applicable jurisdictions, the ability to complete current and future financings, anyregulations or laws that will prevent Bitfarms from operating its business; historical prices ofdigital currencies and the ability to mine digital currencies that will be consistent with historicalprices; an inability to predict and counteract the effects of COVID-19 on the business of theCompany, including but not limited to the effects of COVID-19 on the price of digital currencies,capital market conditions, restriction on labor and international travel and supply chains; and,theadoptionorexpansionofanyregulationorlawthatwillpreventBitfarmsfromoperatingitsbusiness, or make it more costly to do so. For further information concerning these and otherrisks and uncertainties, refer to the Company’s filings on www.SEDAR.com including the annualinformation form for the year ended December 31, 2020, filed on April 7, 2021. The CompanyhasalsoassumedthatnosignificanteventsoccuroutsideofBitfarms’normalcourseofbusiness.Although the Company has attempted to identify important factors that could cause actualresults to differ materially from those expressed in forward-looking statements, there may beotherfactorsthatcauseresultsnottobeasanticipated,estimatedorintended.Therecanbenoassurance that such statements will prove to be accurate as actual results and future eventscould differ materially from those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on any forward-looking information. The Company undertakes noobligationtoreviseorupdate anyforward-looking informationotherthanasrequiredbylaw.
Contacts
Investor Relations:
CORE IR
+1 516 222 2560
Investors@bitfarms.com
US Media:
CORE IR
Jules Abraham, Director of Public Relations
julesa@coreir.com
YAP Global
Mia Grodsky, Account Executive
mia@yapglobal.com
Québec Media:
Ryan Affaires publiques
Valérie Pomerleau, Public Affairs and Communications
valerie@ryanap.com
