Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin
self-mining company, provided a Bitcoin (BTC) production and mining
operations update for November 2022.
“Our Canadian growth and expansion continue
unabated and ahead of schedule, even with the recent turmoil
impacting the sector and the price of BTC,” said Geoff Morphy,
President and COO of Bitfarms. “In November, we energized an
additional 6 megawatts (MW) capacity at our Garlock farm. In
December, we expect to complete Garlock and Phase 3 of The Bunker,
bringing our total Sherbrooke operations to the full 96 MW
capacity. This buildout will mark a major achievement for
Bitfarms.”
“In November, we mined 453 BTC, bringing our
year-to-date total to 4,672 BTC mined, up 51% from the same period
in 2021,” said Ben Gagnon, Chief Mining Officer of Bitfarms. “With
new capacity coming online in Sherbrooke, our November hashrate
increased 5% to 4.4 exahash/second (EH/s) by mid-month, compared to
4.2 EH/s at the beginning of the month. We averaged 15.1 BTC mined
per day for the full month and exited November at a similar rate,
down from an average of 15.7 BTC mined per day for the month of
October 2022. November production was impacted primarily by
increases in network difficulty and a shorter month, which has set
four all-time highs in the last six adjustments. Year to date,
network difficulty is up 52% while Bitfarms’ hashrate has grown
109%. Our strategy of using low-cost hydro power and highly
efficient miners continues to deliver stable electricity rates and
consistently low production costs. As such, we believe that
Bitfarms is well positioned to benefit from any industry-related
curtailment, idling or shutting down of miners that may occur as a
result of high fossil-fuel energy source expense.”
Key Performance Indicators |
Nov. 2022 |
Oct. 2022 |
Nov. 2021 |
Total BTC Mined |
453 |
486 |
339 |
Month End Operating EH/s |
4.4 |
4.2 |
2.1 |
BTC/ Avg. EH/s |
105 |
115 |
174 |
Operating Capacity (MW) |
182 |
182 |
106 |
Hydropower MW |
172 |
172 |
106 |
Watts/TH Efficiency |
40 |
40 |
44 |
BTC Sold |
853 |
486 |
13 |
Morphy added, “As previously discussed,
Argentina’s macroeconomic environment is causing delays in the
importation of most goods which is adversely affecting our ability
to bring in the additional miners we need to operate the first
warehouse at its full capacity of 50 MW. These delays may impact
the company’s 5.0 exahash goal for year-end 2022.”
Select Operating Highlights
- 4.4 EH/s
online as of November 30, 2022, up 110% from November 2021 and up
5% compared to October 31, 2022.
- 4.3 EH/s
average online for the month of November.
- 105
BTC/average EH/s for the month of November, down 9% from 115 in
October 2022.
- 453 new BTC
mined during November 2022, up 34% from November 2021 and,
reflecting the increase in network difficulty and shorter month,
down 7% from October 2022.
- 15.1 BTC
mined daily on average in November, equivalent to about US$258,210
per day and approximately US$7.7 million for the month based on a
BTC price of US$17,100 on November 30, 2022.
Mining Operations
- In
Sherbrooke, Québec:
- The Garlock
farm energized the first 6 MW of capacity, with the full 18 MW
expected to be online ahead of schedule in early December.
- Phase 3 of
The Bunker’s remaining 6 MW of capacity expected to be online in
early December.
- The de la
Pointe farm has been retired and its sale is under contract, which
is expected to close in December for US$3.5 million in net
proceeds.
- This month,
our newly completed Sherbrooke campus expected to consist of three
farms in close proximity to each other with its full 96 MW
allocation operational.
- In Rio
Cuarto, Argentina:
- Construction
of the fifth 10-MW module was completed in November, marking
completion of the first 50-MW warehouse as commissioning
continues.
- Miners
installed at this warehouse totaled over 2,300 and contributed 22.8
BTC in production for the month.
Bitfarms’ BTC Monthly
Production
Month |
BTC Mined 2022 |
BTC Mined 2021 |
January |
301 |
199 |
February |
298 |
178 |
March |
363 |
221 |
April |
405 |
232 |
May |
431 |
262 |
June |
420 |
265 |
July |
500 |
391 |
August |
534 |
354 |
September |
481 |
305 |
October |
486 |
343 |
November |
453 |
339 |
Total YTD |
4,672 |
3,089 |
Financial Update
- Paid down $6.7 million in
BTC-backed facility during November, bringing the outstanding
principal to $16.5 million. Paid down $3.2 million in equipment
related indebtedness.
- Sold 453 BTC from mining operations
and 400 BTC from treasury during November 2022, generating total
proceeds of $14.6 million.
- Held 1,664 BTC in custody on
November 30, 2022, representing a total value of approximately
US$28.5 million based on a BTC price of US$17,100.
Conferences and Events
Bitfarms plans to attend the following events in
the next month:
- December 6, 2
pm ET – TechLeaderBoard Webinar with JNK Securities
- December 7:
Ladenburg Thalmann Virtual Tech Expo 2022
- January
10-12: 25th Annual Needham Growth Conference
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly
traded (NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms
runs vertically integrated mining operations with in-house
management and company-owned electrical engineering, installation
service, and onsite technical repair. The Company’s proprietary
data analytics system delivers best-in-class operational
performance and uptime.
Bitfarms has 10 mining facilities in production
around the world, which are housed in four countries: Canada, the
United States, Paraguay, and Argentina. Powered by predominantly
environmentally friendly hydro-electric and long-term power
contracts, Bitfarms is committed to using renewable, locally based,
and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online
communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the Toronto
Stock Exchange, Nasdaq, or any other securities exchange or
regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release contains certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release and are covered by safe harbors under Canadian and United
States securities laws. The statements and information in this
release regarding expansion plans, including construction in
Argentina and Québec, expectations for monthly growth, targets, and
goals for productive capacity and hashrates and other future plans
and objectives of the Company are forward-looking information.
Other forward-looking information includes, but is not limited to,
information concerning: the intentions, plans and future actions of
the Company, as well as Bitfarms’ ability to successfully mine
digital currency, revenue increasing as currently anticipated, the
ability to profitably liquidate current and future digital currency
inventory, volatility of network difficulty and digital currency
prices and the potential resulting significant negative impact on
the Company’s operations, the construction and operation of
expanded blockchain infrastructure as currently planned, and the
regulatory environment for cryptocurrency in the applicable
jurisdictions.
Any statements that involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the global economic climate; dilution;
the Company’s limited operating history; future capital needs and
uncertainty of additional financing, including the Company’s
ability to utilize the Company’s at-the-market offering (the “ATM
Program”) and the prices at which the Company may sell Common
Shares in the ATM Program, as well as capital market conditions in
general; risks relating to the strategy of maintaining and
increasing Bitcoin holdings and the impact of depreciating Bitcoin
prices on working capital; the competitive nature of the industry;
currency exchange risks; the need for the Company to manage its
planned growth and expansion; the effects of product development
and need for continued technology change; the ability to maintain
reliable and economical sources of power to run its cryptocurrency
mining assets; the impact of energy curtailment or regulatory
changes in the energy regimes in the jurisdictions in which the
Company operates; protection of proprietary rights; the effect of
government regulation and compliance on the Company and the
industry; network security risks; the ability of the Company to
maintain properly working systems; reliance on key personnel;
global economic and financial market deterioration impeding access
to capital or increasing the cost of capital; share dilution
resulting from the ATM Program and from other equity issuances; and
volatile securities markets impacting security pricing unrelated to
operating performance. In addition, particular factors that could
impact future results of the business of Bitfarms include, but are
not limited to: the construction and operation of facilities may
not occur as currently planned, or at all; expansion may not
materialize as currently anticipated, or at all; the digital
currency market; the ability to successfully mine digital currency;
revenue may not increase as currently anticipated, or at all; it
may not be possible to profitably liquidate the current digital
currency inventory, or at all; a decline in digital currency prices
may have a significant negative impact on operations; an increase
in network difficulty may have a significant negative impact on
operations; the volatility of digital currency prices; the
anticipated growth and sustainability of hydroelectricity for the
purposes of cryptocurrency mining in the applicable jurisdictions;
the inability to maintain reliable and economical sources of power
for the Company to operate cryptocurrency mining assets; the risks
of an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the adverse impact on the Company’s
profitability; the ability to complete current and future
financings, any regulations or laws that will prevent Bitfarms from
operating its business; historical prices of digital currencies and
the ability to mine digital currencies that will be consistent with
historical prices; an inability to predict and counteract the
effects of COVID-19 on the business of the Company, including but
not limited to the effects of COVID-19 on the price of digital
currencies, capital market conditions, restriction on labour and
international travel and supply chains; and, the adoption or
expansion of any regulation or law that will prevent Bitfarms from
operating its business, or make it more costly to do so. For
further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
(which are also available on the website of the U.S. Securities and
Exchange Commission at www.sec.gov), including the annual
information form for the year-ended December 31, 2021, filed on
March 28, 2022. The Company has also assumed that no significant
events occur outside of Bitfarms’ normal course of business.
Although the Company has attempted to identify important factors
that 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 intended.
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. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts:
LHA Investor RelationsDavid Barnard+1
415-433-3777Investors@bitfarms.com
Actual Agency Matt Weaver+1
339-234-3332mediarelations@bitfarms.com
Québec Media: TactLouis-Martin Leclerc+1
418-693-2425lmleclerc@tactconseil.ca
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