Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Since Bitfarms’ (BITF) founding in 2017, Bitfarms has mined over 11,300 Bitcoin with 100 per cent renewable hydropower in North America
  • Starting its Bitcoin Inventory Pilot Program in early January this year, Bitfarms has been adding almost all newly mined Bitcoins to its balance sheet
  • Recent developments in China restricting Bitcoin mining in certain provinces have been beneficial to Bitfarm
  • On February 24, 2021 Bitfarms was honoured to be announced as a Rising Star by the TSX-V
  • Bitfarms’ (BITF) is down 2.62 per cent and is trading at C$5.21 at 12:57 pm ET

Since Bitfarms’ (BITF) founding in 2017, the company has mined over 11,300 Bitcoin with 100 per cent 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.

“This year Bitfarms is experiencing its fastest rate of growth ever while benefitting from declining network hashrates due to developments in China,” said Emiliano Grodzki, Bitfarms’ Chief Executive Officer.

“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,” added Grodzki.

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.

Bitfarms has a diversified production platform with five industrial-scale facilities located in Québec. Each facility is 100 per cent powered with environmentally-friendly hydropower and secured with long-term power contracts.

Bitfarms’ (BITF) is down 2.62 per cent and is trading at C$5.21 at 12:57 pm ET.

More From The Market Herald
CoinSmart - CEO, Justin Hartzman

" CoinSmart (NEO:SMRT) announces Q1 2022 financial results

CoinSmart Financial (SMRT) has released its interim consolidated financial statements for the three months ended March 31, 2022.
The Market Herald Video

" CoinSmart (NEO:SMRT) reports record revenue in December

CoinSmart Financial (SMRT) has announced a record preliminary unaudited monthly revenue in December 2021 of approximately $2.15 million.
The Market Herald Video

" CoinSmart Financial (NEO:SMRT) receives exchange approval for share buyback program

CoinSmart Financial (SMRT) announced that the NEO Exchange has approved the company’s share buyback program.

" Digihost (TSXV:DGHI) announces $1.22M NCIB

Digihost Technology (DGHI) has received approval to undertake a normal course issuer bid program.