Bitfarms (TSXV:BITF) reports increase in monthly Bitcoin production

• Bitfarms’ (BITF) Bitcoin production rate for October 2021 is up by 12.5 per cent compared to last month
• The company mined approximately 11 BTC per day, equivalent to US$665,500 per day based on Bitcoin’s closing price on October 31
• It also installed over 3000 miners, with almost 5000 more set to arrive in November
• The company is building four new mining facilities with the intention of growing its hashrate to 8 EH/s by Q4 2022
• Bitfarms is a global and vertically integrated Bitcoin mining company
• Bitfarms (BITF) is up by 4.8 per cent and is currently trading at $6.55 per share

Bitfarms’ (BITF) Bitcoin production rate for October 2021 is up by 12.5 per cent compared to last month.

October 2021 mining production

• 1.8 EH/s achieved effective October 25, 2021
• Mined 343 new BTC
• Mined 2,750 BTC in the first ten months of 2021
• Averaged 11+ BTC mined per day, equivalent to US$665,500 per day based on BTC’s price of US$60,500 on October 31
• Deposited 2,646 BTC into custody through October, representing 96-per-cent of Bitfarms’ 2021 production, which is valued at US$160 million based on a BTC price of US$60,500

October 2021 operational highlights

• 2,869 Bitmain S19j Pro miners received and installed
• 300 MicroBT M30S miners received and installed
• 4,361 Bitmain S19j Pro and 400 MicroBT M30S miners scheduled for delivery in November
• Cowansville, Québec mining facility now operating at full upgraded capacity of 17 MW, a net increase of 13 MW
• Construction underway on two new mining facilities in Sherbrooke, Québec, increasing facilities under development to four in Argentina, Paraguay and Québec
• Construction also underway on a mining facility in Argentina within the gates of a private power company that will not receive government subsidies

Bitfarms’ 2021 monthly BTC production

The company remains focused on growing its hashrate to 3 EH/s by Q1 2022 and 8 EH/s by Q4 2022.

Emiliano Grodzki, Bitfarms’ Founder and CEO stated,

“The increase in month-over-month production in October 2021 represents a further advancement for Bitfarms and shows the initial benefit generated as a result of production from our newly built, larger production facility in Cowansville, Québec. This, in conjunction with recent miner deliveries and ongoing fleet optimization, contributed to our achieving a record hashrate of 1.8 exahash per second in late October.

With new miner deliveries en route and deliveries continuing throughout November, this month we expect to grow our hashrate to over 2 EH/s and improve our electrical efficiency to 44 watts per terahash.”

Bitfarms is a global and vertically integrated Bitcoin mining company.

Bitfarms (BITF) is up by 4.8 per cent and is currently trading at $6.55 per share as of 1:32 pm ET.