This press release constitutes a “designated press release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base prospectus dated August 12, 2021.
TORONTO, Ontario and BROSSARD, Quebec, Jan. 10, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, offers a Bitcoin (BTC) purchase and treasury update.
Emiliano Grodzki, Founder and Chief Executive Officer of Bitfarms, said: “Our guiding corporate strategy at Bitfarms is to collect the most Bitcoins at the lowest cost and in the shortest amount of time for the benefit of our shareholders. To this end, we continuously optimize our capital allocation. With BTC falling while mining hardware prices remain high, we jumped at the opportunity to invest cash in BTC. We remain committed to executing our operational growth strategy and achieving our goal of 8 exahash/second by the end of 2022.”
Bitcoin Buying Metrics
In the first week of January 2022, Bitfarms bought 1,000 BTC for $43.2 million. This increased BTC holdings by 30% to over 4,300 as of January 10, 2022.
For reference, 1,000 BTC is roughly the amount Bitfarms added to the treasury in Q3 2021 and again in Q4 2021.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin self-mining company operating vertically integrated mining operations with on-site technical repairs, proprietary data analytics, and in-house electrical engineering and installation services to ensure high operational performance and uptime.
After demonstrating rapid growth and excellent operations, Bitfarms became the first bitcoin mining company to complete its long-form prospectus with the Ontario Securities Commission and began trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honored to be announced as a Rising Star of the TSX-V. On June 21, 2021, Bitfarms began trading on the Nasdaq exchange.
Bitfarms has a diversified manufacturing platform with five industrial facilities in Quebec and one in Washington state. Each plant is operated with more than 99% environmentally friendly hydroelectric power and secured by long-term electricity contracts. Bitfarms is currently the only listed pure-play mining company audited by a Big Four auditing firm.
To learn more about Bitfarms events, developments and online communities:
Trading in the Company’s securities should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange, its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange), Nasdaq or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this press release.
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as of the date of this press release and are covered by safe havens under the securities laws of Canada and the United States. The information in this press release regarding expectations regarding the benefits of acquiring and holding Bitcoin, its future rate of Bitcoin production, its future accumulation of Bitcoin, its plans for expansion and other future plans and objectives of the Company constitute forward-looking information. Other forward-looking information includes, but is not limited to, information about: the Company’s intentions, plans and future actions and Bitfarms’ ability to successfully mine digital currencies, the increase in revenue as currently anticipated, the ability to profitably liquidate current and future digital currency holdings , volatility of network difficulties and digital currency prices and the potentially resulting significant negative impact on the Company’s operations, the construction and operation of an expanded blockchain infrastructure as currently planned and the regulatory environment for cryptocurrencies in the applicable jurisdictions.
Any statement that involves a discussion of a prediction, expectation, belief, plan, projection, objective, assumption, future event or performance (often, but not always, phrases such as “expects” or “does not expect,” “expected”) , “expects” or “does not expect”, “plans”, “budgets”, “planned”, “forecast”, “estimates”, “believes” or “intends” or variations of such words and phrases or an indication that certain actions are carried out, events or results that “may” or “could”, “would”, “could” or “will” occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify future-seeking Information.
This forward-looking information is based on assumptions and estimates made by the Company’s management at the time it was prepared and involves known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to be materially adversely affected by future results, performance or achievements expressed or implied by such forward-looking information. These factors include, but are not limited to, risks related to: the global economic climate; Dilution; the Company’s limited operating history; future capital requirements and uncertainty of additional financing, including the Company’s ability to take advantage of the Company’s offering in the marketplace (the “ATM Scheme”) and the prices at which the Company may sell common shares in the ATM Scheme, and capital market conditions generally ; risks associated with the strategy of holding and increasing bitcoin holdings and the impact of falling bitcoin prices on working capital; the competitive nature of the industry; exchange rate risks; the need for the Company to manage its planned growth and expansion; the impact of product development and the need for continued technology changes; protection of property rights; the impact of government regulations and compliance on the company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; dependence on key personnel; a deterioration in economic and financial markets worldwide, making access to capital more difficult or increasing the cost of capital; stock dilution resulting from the ATM program and other stock offerings; and volatile securities markets affecting securities prices regardless of operating performance. In addition, certain factors that could affect the future results of Bitfarms’ business include, among others: the construction and operation of the blockchain infrastructure may not proceed 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 currencies; revenue may not increase as currently anticipated or at all; it may not be possible or at all possible to profitably liquidate the current holding of digital currency; a decline in digital currency prices may have a significant adverse impact on operations; an increase in network difficulties can have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydropower for cryptocurrency mining purposes in the applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that prevent Bitfarms from conducting its business; historical prices of digital currencies and the ability to mine digital currencies consistent with historical prices; an inability to predict and counteract the impact of COVID-19 on the Company’s business, including without limitation the impact of COVID-19 on the price of digital currencies, capital market conditions, labor force restrictions and international travel and supply chains; and the adoption or expansion of any regulation or law that prevents Bitfarms from conducting its business or makes it more expensive. Additional information regarding these and other risks and uncertainties can be found in the Company’s filings at www.SEDAR.com (which are also available on the US Securities and Exchange Commission’s website at www.sec.gov), including the Annual Information Form for the fiscal year ended December 31, 2020, filed on April 7, 2021. The Company has also assumed that no material events will occur outside of the ordinary course of Bitfarms’ business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended stand out. 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 forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information, except as required by law.
LHA Investor Relations
Mia Grodsky, Account Manager
Ryan Public Affairs
Valérie Pomerleau, Public Affairs and Communications