[ad_1]
54 MW at Rio Cuarto drawing energy at this fastened summer season charge from November 2023 via April 2024
TORONTO, Ontario and BROSSARD, Québec, Nov. 15, 2023 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a world vertically built-in Bitcoin mining firm, has entered right into a pay as you go contract with its Argentinian non-public energy producer to obtain energy at Rio Cuarto on the charge of two.1 cents per kWh plus VAT for the months November 2023 via April 2024, which advantages from seasonally decrease pure fuel costs in Argentina.
“With Argentina at present contributing 23% of our world hashrate, this 6-month fastened worth settlement will considerably decrease our blended price of energy,” mentioned Geoff Morphy, President and CEO of Bitfarms. “By comparability, in Q3 2023 our all-in price of energy at Rio Cuarto was barely over 3.2 cents per kWh, and in October 2023, which was our first month working that facility at full capability, our all-in price was 2.2 cents per kWh. Accordingly, with decrease energy prices at Rio Cuarto over the subsequent 6 months, we anticipate the typical price of energy at our Argentine operations in its first yr to be round 2.5 cents per kWh plus taxes, driving down our company common price of energy for the total yr.”
About Bitfarms Ltd.
Based in 2017, Bitfarms is a world, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining firm that contributes its computational energy to a number of mining swimming pools from which it receives cost in Bitcoin. 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 at present has 11 farms, that are situated in 4 nations: Canada, the US, 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 sometimes 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/Terahash effectivity (contains price of powering supplementary tools
Cautionary Assertion
Buying and selling within the securities of the Firm needs to be thought of extremely speculative. No inventory alternate, securities fee or different regulatory authority has permitted or disapproved the knowledge contained herein. Neither the Toronto Inventory Alternate, Nasdaq, or some other securities alternate or regulatory authority accepts accountability for the adequacy or accuracy of this launch.
Ahead-Trying Statements
This information launch accommodates sure “forward-looking info” and “forward-looking statements” (collectively, “forward-looking info”) which might 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 relating to anticipated energy prices, enhancement of mining services, progress alternatives and prospects, together with as to the Firm’s plans to increase working capability in a number of jurisdictions, upgrading and deployment of miners in addition to the timing therefor, improved monetary liquidity and efficiency and different statements relating to future plans and aims of the Firm are forward-looking info. Different forward-looking info contains, however is just not restricted to, info regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ capacity to efficiently mine digital foreign money, income rising as at present anticipated, the flexibility to profitably liquidate present and future digital foreign money stock, volatility of community problem and digital foreign money costs and the potential ensuing important unfavorable impression on the Firm’s operations, the development and operation of expanded blockchain infrastructure as at present deliberate, and the regulatory setting 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 reminiscent of “expects”, or “doesn’t anticipate”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “price range”, “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”, “may” or “will” be taken to happen or be achieved) usually are not statements of historic truth and could also be forward-looking info and are meant to determine forward-looking info.
This forward-looking info is predicated on assumptions and estimates of administration of the Firm on the time they have been made, and entails identified and unknown dangers, uncertainties and different elements 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 info. Such elements embrace, amongst others, dangers regarding: the supply of financing alternatives, dangers related to financial circumstances, dependence on administration and conflicts of curiosity, the flexibility to service debt obligations and preserve flexibility in respect of debt covenants; financial dependence on regulated phrases of service and electrical energy charges; the speculative and aggressive nature of the expertise 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 further financing, in addition to capital market circumstances typically; dangers regarding the technique of sustaining and rising Bitcoin holdings and the impression of depreciating Bitcoin costs on working capital; the aggressive nature of the trade; foreign money alternate dangers; the necessity for the Firm to handle its deliberate progress and enlargement; the consequences of product growth and want for continued expertise change; the flexibility to take care of dependable and economical sources of energy to run its cryptocurrency mining belongings; the impression of power curtailment or regulatory adjustments within the power regimes within the jurisdictions through which the Firm operates; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the flexibility of the Firm to take care of correctly working techniques; reliance on key personnel; world financial and monetary market deterioration impeding entry to capital or rising the price of capital; and risky securities markets impacting safety pricing unrelated to working efficiency. As well as, explicit elements that would impression future outcomes of the enterprise of Bitfarms embrace, however usually are not restricted to: the development and operation of services might not happen as at present deliberate, or in any respect; enlargement might not materialize as at present anticipated, or in any respect; the digital foreign money market; the flexibility to efficiently mine digital foreign money; income might not improve as at present 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 major unfavorable impression on operations; a rise in community problem might have a major unfavorable impression 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 shortcoming 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, price of pure fuel, adjustments in foreign money alternate charges, power curtailment or regulatory adjustments within the power regimes within the jurisdictions through which the Firm operates and the adversarial impression on the Firm’s profitability; the flexibility 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 flexibility to mine digital currencies that shall be per historic costs; an incapability to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the worth of digital currencies, capital market circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or enlargement of any regulation or regulation that can forestall Bitfarms from working its enterprise, or make it extra expensive to take action. For additional info regarding these and different dangers and uncertainties, discuss with the Firm’s filings on www.SEDAR.com (that are additionally out there on the web site of the U.S. Securities and Alternate Fee at www.sec.gov), together with the annual info type for the yr-ended December 31, 2022, filed on March 21, 2023. The Firm has additionally assumed that no important occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to determine vital elements that would trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There will 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 info. The Firm undertakes no obligation to revise or replace any forward-looking info apart from as required by regulation.
Contacts:
LHA Investor Relations
David Barnard
+1 415-433-3777
Traders@bitfarms.com
Precise Company
Khushboo Chaudhary
+1 646-373-9946
mediarelations@bitfarms.com
Québec Media: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
[ad_2]
Source link