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    BITF   CA09173B1076

BITFARMS LTD.

(BITF)
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Bitfarms Ltd. Provides Bitcoin Production and Mining Operations Updates

09/08/2021 | 07:00am EDT

Bitfarms Ltd. announced a Bitcoin production and operations update. Mining Production Highlights as of September 1, 2021: Mined 354 new Bitcoin during August 2021. The Company is currently mining approximately 10 Bitcoin each day; Mined 745 Bitcoin in the first two months of the third quarter, equivalent to approximately 98% of Bitfarms entire second quarter Bitcoin production; Mined 2,102 Bitcoin in the first eight months of 2021. Deposited 2,028 Bitcoin into custody through September 1, 2021, representing approximately 96% of the Company’s Bitcoin production this year and valued at approximately USD 101.4 million based on a Bitcoin price of USD 50,000. Mining Operations Update The Company is positioned to make substantial progress over the remaining months of 2021 towards its goals of 3 Exahash by first quarter 2022 and 8 Exahash by year-end 2022. Bitfarms is scheduled to receive its first delivery of 7,230 Bitmain S19j Pros before the end of September. These miners will initially be deployed primarily to replace Bitmain S9s, driving significant improvements in total operating hashrate, average operating efficiency, production rate, and reducing average Bitcoin production cost. The additional 723 Petahash per second represent an approximate 50% growth from the Company’s existing network hashrate of 1.4 Exahash per second; Bitfarms’ Cowansville, Quebéc, facility is now operational and expected to be running at full capacity by the end of September. This is expected to contribute approximately 100 Petahash above the current production level; The Company agreed with the City of Sherbrooke, Québec, on a comprehensive plan to accelerate the utilization of all 96 MW of power in new facilities in the City; At the beginning of September, Bitfarms continued its geographic expansion with the signing in Paraguay of a five-year lease with an annually-renewable power purchase agreement to secure 10 MW of green hydro electrical capacity at the competitive rate of 3.6 US cents per kilowatt hour. The new Paraguay facility will be used to house approximately 3,000 used miners capable of 150 Petahash per second and is anticipated to be fully operational by December 2021. If the site were fully operational it would be producing Bitcoin at a cost of approximately USD 7,850 per coin. The Company continues to pursue other opportunities within Paraguay to increase it productive capacity.


ę S&P Capital IQ 2021
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More news
Financials (USD)
Sales 2021 164 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 973 M 974 M -
Capi. / Sales 2021 5,94x
Capi. / Sales 2022 4,34x
Nbr of Employees -
Free-Float 82,1%
Chart BITFARMS LTD.
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Bitfarms Ltd. Technical Analysis Chart | BITF | CA09173B1076 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 5,40 $
Average target price 6,62 $
Spread / Average Target 22,5%
Managers and Directors
Emiliano Joel Grodzki Chief Executive Officer & Director
L. Geoffrey Morphy President
Jeffrey P. Lucas Chief Financial Officer
Nicolas Bonta Executive Chairman & Chief Development Officer
Brian M. Howlett Lead Independent Director
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