Bitfarms Initiates Deployment Plan for 50 MW of Hydropower in Paraguay

– 20 MW of MicroBT hydro-cooled miners and containers bought with vendor credit –
– 30 MW air-cooled facility –

This information launch constitutes a “designated information launch” for functions of the Firm’s prospectus complement dated August 16, 2021, to its quick type base shelf prospectus dated August 12, 2021.

TORONTO and BROSSARD, Quebec, Aug. 07, 2023 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a world vertically built-in Bitcoin mining firm, has initiated its first part of growth for its lately acquired 150 MW hydropower contracts in Paraguay introduced July 19, 2023. Bitfarms can be constructing a brand new 50 MW farm at Paso Pe, Paraguay, which is positioned in shut proximity to its Villarrica, Paraguay facility, and it expects its new farm to be totally commissioned at 50 MW in Q1 2024.

“Attaining excessive working efficiencies whereas minimizing capex is an overarching aim in our international progress technique heading into subsequent yr’s halving. Primarily based on our expertise within the jurisdiction, Paraguay affords each low constructing prices and quick time to completion,” mentioned Geoff Morphy, CEO of Bitfarms. “We’ll assemble a 50 MW substation to energy a 30 MW air-cooled warehouse and set up 20 MW of containers particularly constructed for MicroBT M53S+ hydro-cooled miners, all of that are being bought with vendor credit. These credit considerably scale back our total money outlay and can leverage cash-on-cash returns.”

Ben Gagnon, Chief Mining Officer of Bitfarms, added, “This marks our first deployment of hydro-cooled mining know-how that has the potential to be inexpensive than immersion know-how. We stay up for integrating and shortly gaining expertise with this new hydro-cooled know-how in a price efficient method. Because the 1,920 M53S+ are anticipated to supply a formidable 675 PH/s with 28.5 w/TH effectivity, they’re projected to be among the highest efficiency miners in our fleet.”

MicroBT Tools and Miner Purchases

• 8 MicroBT 2.4 MW Hydro Containers
• 1,920 MicroBT M53S+ Hydro Miners
• 675 PHs at 28.5 w/TH
• Miners and infrastructure bought with credit

About Bitfarms Ltd.

Based in 2017, Bitfarms is a world, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining firm. Bitfarms develops, owns, and operates vertically built-in mining farms with in-house administration and company-owned electrical engineering, set up service, and a number of onsite technical restore facilities. The Firm’s proprietary knowledge analytics system delivers best-in-class operational efficiency and uptime.

Bitfarms presently has 11 working farms and a couple of farms in growth positioned in 4 international locations: Canada, the USA, Paraguay, and Argentina. Powered by predominantly environmentally pleasant hydro-electric and long-term energy contracts, Bitfarms is dedicated to utilizing sustainable, regionally based mostly, and infrequently underutilized power infrastructure.

To study extra about Bitfarms’ occasions, developments, and on-line communities:

Web site: www.bitfarms.com

https://www.fb.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/firm/bitfarms/

Glossary of Phrases

• BTC BTC/day = Bitcoin or Bitcoin per day
• EH or EH/s = Exahash or exahash per second
• MW or MWh = Megawatts or megawatt hour
• PH or PH/s = Petahash or petahash per second
• TH or TH/s = Terahash or terahash per second
• W/TH = Watts per Terahash

Cautionary Assertion

Buying and selling within the securities of the Firm must be thought-about extremely speculative. No inventory alternate, securities fee or different regulatory authority has authorised or disapproved the knowledge contained herein. Neither the Toronto Inventory Trade, Nasdaq, or another securities alternate or regulatory authority accepts duty for the adequacy or accuracy of this launch.

Ahead-Wanting Statements

This information launch incorporates sure “forward-looking data” and “forward-looking statements” (collectively, “forward-looking data”) which can be based mostly on expectations, estimates and projections as on the date of this information launch and are lined by protected harbors beneath Canadian and United States securities legal guidelines. The statements and knowledge on this launch concerning the institution of a brand new mining facility in Paraguay, and the efficiency of miners to be put in and the prices related therewith are forward-looking data. Different forward-looking data contains, however just isn’t restricted to, data regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ skill to efficiently mine digital foreign money, income rising as presently anticipated, the power to profitably liquidate present and future digital foreign money stock, volatility of community problem and digital foreign money costs and the potential ensuing vital unfavorable affect on the Firm’s operations, the development and operation of expanded blockchain infrastructure as presently deliberate, and the regulatory atmosphere for cryptocurrency within the relevant jurisdictions.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases resembling “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “may”, “would”, “would possibly” or “will” be taken to happen or be achieved) are usually not statements of historic truth and could also be forward-looking data and are meant to establish forward-looking data.

This forward-looking data relies on assumptions and estimates of administration of the Firm on the time they have been made, and includes identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency, or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such components embrace, amongst others, dangers referring to: the supply of financing alternatives, dangers related to financial situations, dependence on administration and conflicts of curiosity, the power to service debt obligations and keep flexibility in respect of debt covenants; financial dependence on regulated phrases of service and electrical energy charges; the speculative and aggressive nature of the know-how sector; dependency on continued progress in blockchain and cryptocurrency utilization; lawsuits and different authorized proceedings and challenges; battle of pursuits with administrators and administration; authorities laws; the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing, together with the Firm’s skill to make the most of the Firm’s at-the-market fairness providing program (the “ATM Program”) and the costs at which the Firm might promote Frequent Shares within the ATM Program, in addition to capital market situations basically; dangers referring to the technique of sustaining and rising Bitcoin holdings and the affect of depreciating Bitcoin costs on working capital; the aggressive nature of the business; foreign money alternate dangers; the necessity for the Firm to handle its deliberate progress and growth; the results of product growth and wish for continued know-how change; the power to take care of dependable and economical sources of energy to run its cryptocurrency mining belongings; the affect of power curtailment or regulatory modifications within the power regimes within the jurisdictions wherein the Firm operates; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the business; community safety dangers; the power of the Firm to take care of correctly working programs; reliance on key personnel; international financial and monetary market deterioration impeding entry to capital or rising the price of capital; share dilution ensuing from the ATM Program and from different fairness issuances; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, specific components that might affect future outcomes of the enterprise of Bitfarms embrace, however are usually not restricted to: the development and operation of amenities might not happen as presently deliberate, or in any respect; growth might not materialize as presently anticipated, or in any respect; the digital foreign money market; the power to efficiently mine digital foreign money; income might not improve as presently anticipated, or in any respect; it is probably not attainable to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs might have a big unfavorable affect on operations; a rise in community problem might have a big unfavorable affect on operations; the volatility of digital foreign money costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions; the lack to take care of dependable and economical sources of energy for the Firm to function cryptocurrency mining belongings; the dangers of a rise within the Firm’s electrical energy prices, value of pure fuel, modifications in foreign money alternate charges, power curtailment or regulatory modifications within the power regimes within the jurisdictions wherein the Firm operates and the hostile affect on the Firm’s profitability; the power to finish present and future financings, any laws or legal guidelines that can forestall Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that can be according to historic costs; an incapacity to foretell and counteract the results of COVID-19 on the enterprise of the Firm, together with however not restricted to the results of COVID-19 on the worth of digital currencies, capital market situations, restriction on labour and worldwide journey and provide chains; and, the adoption or growth of any regulation or legislation that can forestall Bitfarms from working its enterprise, or make it extra pricey to take action. For additional data regarding these and different dangers and uncertainties, discuss with the Firm’s filings on www.SEDAR.com (that are additionally obtainable on the web site of the U.S. Securities and Trade Fee at www.sec.gov), together with the annual data type for the yr-ended December 31, 2022, filed on March 21, 2023. The Firm has additionally assumed that no vital occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to establish vital components that might trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. There might be no assurance that such statements will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on any forward-looking data. The Firm undertakes no obligation to revise or replace any forward-looking data apart from as required by legislation.

Contacts:

LHA Investor Relations
David Barnard
+1 415-433-3777
Traders@bitfarms.com

Precise Company
Noor Dar 
+ 1 516-270-4009
mediarelations@bitfarms.com

Québec Media: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca