Bitfarms Provides Update on Bitcoin Mining Production and Operations

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– Bitfarms production in the third quarter of 2021 of Bitfarms increases to 1,050 BTC, up 38% from the second quarter of 2021 –

– Total Bitcoin holdings rise to over 2,300 BTC worth around US $ 100 million –

This press release constitutes a “designated press release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.

TORONTO, Ontario and BROSSARD, Quebec, 01 Oct 2021 (GLOBE NEWSWIRE) – Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a Bitcoin mining company, provides an update on Bitcoin production.

“The third quarter of 2021 marks Bitfarms’ highest quarterly Bitcoin production in 2021, capitalizing on year-round growth investments and macro events in China,” commented Emiliano Grodzki, Founder and CEO of Bitfarms . “As a result of these macro events, which resulted in the greatest reduction in difficulty of the Bitcoin network, the network is experiencing a steady recovery, but remains below all-time highs. “

“2021 continues to be a year of transformation for Bitfarms as we continue to deploy capital to modernize our mining fleet, open new facilities and embark on our global expansion. With scheduled monthly deliveries totaling 55,000 miners over the next 15 months and new high-power production facilities brought online, we are steadily increasing our hash rate towards our targets of 3 exahash per second (EH / s) at first. quarter 2022 and 8 pe / s by the end of 2022 ”, added Grodzki.

Bitfarms mining production highlights as of September 30, 2021

  • Mined 305 new Bitcoins (BTC) in September 2021; about 10 BTC mined daily.

  • Mined 1,050 BTC in the third quarter of 2021, its highest quarterly BTC production rate in 2021.

  • Mined 2,407 BTC in the first nine months of 2021.

  • Deposit of 2,312 BTC until September 30, 2021, representing approximately 96% of Bitfarms’ 2021 BTC production with a total value of approximately US $ 100 million based on a BTC price of US $ 43,500.

Bitfarms monthly BTC production

Month

BTC

January

199

February

178

March

221

April

232

May

262

June

265

July

391

August

354

September

305

Bitfarms mining operations update

Bitfarms has received and installed the first 540 miners of 2,200 Bitmain S19j Pro miners and 300 MicroBT M30S miners scheduled for delivery in September. The installation of these miners increased Bitfarms’ mining hash rate to 1.53 EH / s as of September 29, 2021. Due to supply chain and shipping delays, the remaining 1,660 Bitmain miners S19j Pro initially scheduled for delivery in September are on the way and should be received in October. With these miners installed, Bitfarms’ operational hashrate should be around 1.7 EH / s, which is about 20% more than our most recently announced operational hashrate of 1.4 EH / s. Beyond these deliveries, Bitfarms is expected to receive and install 5,030 Bitmain S19j Pro miners and an additional 700 MicroBT M30S in Q4 2021.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a Bitcoin mining company, which manages vertically integrated mining operations with on-site technical repairs, proprietary data analytics, and company-owned electrical engineering and installation services to deliver operational performance. and high availability.

After demonstrating rapid growth and exceptional operations, Bitfarms became the first Bitcoin mining company to complete its detailed prospectus with the Ontario Securities Commission and began trading on the TSX-V in July 2019. On the 24th. February 2021, Bitfarms was honored 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-sized facilities located in Quebec. Each installation is supplied to more than 99% by hydropower which respects the environment and is secured by long-term electricity contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.

To find out more about Bitfarms events, developments and online communities:

Website: www.bitfarms.com

https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Caution

Trading in the securities of the Company should be regarded as highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), the Nasdaq or any other stock exchange or regulatory authority accepts the responsibility of the relevance or accuracy of this release.

Forward-looking statements

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as of the date of this press release. The information in this release regarding expectations regarding its future Bitcoin production rate, future Bitcoin accumulation, expansion plans and other future plans and objectives of the Company is forward-looking information. Other forward-looking information includes, without limitation, information regarding: the intentions, plans and future actions of the Company, as well as the ability of Bitfarms to successfully mine digital currency, with revenues increasing as currently expected, the ability to profitably liquidate the current and future digital currency inventory, the volatility of network difficulties and digital currency prices and the resulting potential significant negative impact on the Company’s operations, construction and the operation of an extensive blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrency in applicable jurisdictions.

Any statement that involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance, “anticipates” or “does not anticipate”, “plans”, “Budget”, “planned”, “foresees”, “estimates”, “believes” or “, events or results” may “or” could “,” would “,” could “or” would “will be considered as having place or be reached) are not statements of historical fact and may be forward-looking information and are intended to identify-seeking information.

This forward-looking information is based on the assumptions and estimates of the Company’s management at the time they were made, and involves known and unknown risks, uncertainties and other factors that may cause results, performance or actual achievements of the Company differ from the future results, performances or achievements expressed or implied by this forward-looking information. These factors include, among others, risks related to: the global economic climate; dilution; the limited operating history of the Company; future capital requirements and the uncertainty of additional funding, including the Company’s ability to utilize the Company’s market offer (the “ATM Program”) and the prices at which the Company may sell common shares in the framework of the ATM program as well as general capital market conditions; the competitive nature of the industry; currency risks; the need for the Company to manage its planned growth and expansion; the effects of product development and the need for continuous technological change; protection of property rights; the effect of government regulations and compliance on the Company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; dependence on key personnel; deterioration of global economic and financial markets preventing access to capital or increasing the cost of capital; dilution in relation to the Company’s ATM program and other share issues; and volatile stock markets affecting the price of securities unrelated to operational performance. In addition, particular factors that could impact the future results of Bitfarms’ business include, but are not limited to: construction and operation of blockchain infrastructure may not occur as currently planned , or not at all ; the expansion may not materialize as currently planned, or not at all; the digital currency market; the ability to successfully mine digital currency; income may not increase as currently expected, or not at all; it may not be possible to profitably liquidate the current digital currency inventory, if at all; a drop in digital currency prices can have a significant negative impact on operations; an increase in network difficulty can have a significant negative impact on operations; the price volatility of digital currencies; the expected growth and sustainability of hydropower for cryptocurrency mining in applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counter the effects of COVID-19 on the Company’s business, including, but not limited to, the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction of labor and international travel and supply chains; and, the adoption or expansion of any regulations or laws that will prevent Bitfarms from doing business, or make it more costly. For more information regarding these and other risks and uncertainties, please refer to the documents filed by the Company on www.SEDAR.com including the Annual Information Form for the fiscal year ended December 31, 2020, filed on April 7, 2021. The Company has also assumed that no material event occurred outside of the ordinary course of business of Bitfarms. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or planned. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. The Company assumes no obligation to revise or update any forward-looking information other than that required by law.

Contacts

Investor Relations:

LHA Investor Relations
+1 415-433-3777
[email protected]

American media:

YAP Global
Mia Grodsky, Account Manager
[email protected]

Quebec media:

Ryan Public Affairs
Valérie Pomerleau, Public Affairs and Communications
[email protected]



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