Bitfarms (BITF) Provides Bitcoin Production and Mining Operations Update

Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a Bitcoin mining company, provides a Bitcoin production update.

“Third quarter 2021 marks Bitfarms’ highest quarterly Bitcoin production in 2021, capitalizing on growth investments throughout the year and macro events in China,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “Following these macro events, which resulted in the Bitcoin network’s largest ever reduction in difficulty, the network is experiencing a steady recovery, but remains below historic highs.”

“2021 continues to be a transformational year for Bitfarms as we continue deploying capital to upgrade our mining fleet, open new facilities, and embark on our global expansion. With scheduled monthly deliveries totaling 55,000 miners over the next 15 months and new high-power production facilities coming online, we are regularly increasing our hashrate towards our goals of 3 exahash per second (EH/s) in first quarter 2022 and 8 EH/s by year end 2022,” added Grodzki.

Bitfarms’ Mining Production Highlights as of September 30, 2021

• Mined 305 new Bitcoin (BTC) during September 2021; approximately 10 BTC mined daily.
• Mined 1,050 BTC in third quarter 2021, its largest quarterly BTC production rate in 2021.
• Mined 2,407 BTC in the first nine months of 2021.
• Deposited 2,312 BTC into custody through September 30, 2021, representing approximately 96% of Bitfarms’ 2021 BTC production with a total value of approximately US$100 million based on a BTC price of US$43,500.

Bitfarms’ BTC Monthly Production

Bitfarms’ Mining Operations Update

Bitfarms has received and installed the first 540 miners of 2,200 Bitmain S19j Pro and 300 MicroBT M30S miners scheduled for delivery in September. The installation of these miners has increased Bitfarms’ operating hashrate to 1.53 EH/s as of September 29, 2021. Due to supply chain and shipping delays, the other 1,660 Bitmain S19j Pro miners originally scheduled for September delivery are en route and expected to be received in October. Once these miners are installed, Bitfarms’ operating hashrate is expected to be approximately 1.7 EH/s, about 20% higher than our most recently announced operating hashrate of 1.4 EH/s. Beyond these deliveries, Bitfarms is scheduled to receive and install an additional 5,030 Bitmain S19j Pro and 700 MicroBT M30S miners in the fourth quarter 2021.

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