Bitfarms (BITF) Provides May 2022 Production and Mining Operations Update

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for May 2022.

“Bitfarms mining operations remain profitable; even with the drop in Bitcoin prices in May, we achieved strong gross margins,” said Ben Gagnon, Chief Mining Officer of Bitfarms. “With our business model, stable low-cost hydro power and highly efficient Bitcoin miners and facilities, Bitfarms enjoys one of the lowest and most competitive costs to produce a Bitcoin globally. Our low cost of operations is one of our key strengths.”

“During May, daily average production increased to 13.9 bitcoin/day, up 3% from 13.5 BTC/day in April,” said Emiliano Grodzki, CEO of Bitfarms. “We completed the build out of Leger facility with 7,400 miners generating approximately 740 PH/s,” added Grodzki. “Leger is now our single largest site with a production level nearly equivalent to Bitfarms entire hashrate at the end of Q2, 2020.”

“The second phase of construction at The Bunker is continuing and is expected to increase the site’s capacity to 30 MW when completed. With miner deliveries on schedule, we expect to have another solid month of growth as we build out our operational hashrate to our next goal of 4 exahash per second (EH/s) by the end of Q2,” concluded Grodzki.

Mining Production

• 3.4 EH/s online as of May 31, 2022.
• 431 new BTC mined during May 2022, up 6% from May 2021.
• 13.9 BTC mined daily on average in May, equivalent to about US$431,000 per day and approximately US$13.3 million for the month based on a BTC price of US$31,000 on May 31, 2022.
• 429 BTC from mining operations deposited into custody in May.
• 6,075 BTC in custody on May 31, 2022, representing a total value of approximately US$188 million based on a BTC price of US$31,000.

Mining Operations

• Completed the build out at the Leger site in City of Sherbrooke, Québec.
• Permanently reduced De la Pointe site down to 18 MW as part of our phased relocation and expansion within the City of Sherbrooke.

Bitfarms’ BTC 2022 Monthly Production

Analyst and Institutional Investor Day, June 22, 2022

Bitfarms will host an Analyst and Institutional Investor Day on June 22, 2022, both online and in-person in Montreal. In-person attendance requires advanced registration and is available by invitation. For more information, interested parties may contact LHA Investor Relations at [email protected].

A webcast of the event, along with supporting materials, will be available on the company’s Investor Relations website. Interested parties may register for the webcast in advance here:

Webcast Registration - Bitfarms Analyst & Institutional Investor Day

A replay of the webcast and related presentation materials will be made available following the conclusion of the event.

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