Bitfarms Increases October 2021 Bitcoin Production, Up 12.5% from September 2021

– 343 BTC Mined, Rising BTC Holdings to Over 2,640 at October 31, 2021 –
– Hashrate Exceeds 1.8 Exahash per Second (EH/s) –

TORONTO, Ontario and BROSSARD, Québec , Nov. 01, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a worldwide Bitcoin self-mining firm, supplies a Bitcoin manufacturing replace.

“The rise in month-over-month manufacturing in October 2021 represents an extra development for Bitfarms and exhibits the preliminary profit generated on account of manufacturing from our newly constructed, bigger manufacturing facility in Cowansville, Québec. This, together with current miner deliveries and ongoing fleet optimization, contributed to our reaching a document hashrate of 1.8 exahash per second (EH/s) in late October,” mentioned Emiliano Grodzki, Bitfarms Founder and Chief Government Officer. “With new miner deliveries en route and deliveries persevering with all through November, this month we count on to develop our hashrate to over 2 EH/s and enhance our electrical effectivity to 44 watts per terahash (W/TH).”

October 2021 Bitfarms’ Mining Manufacturing Replace

• 1.8 EH/s achieved efficient October 25, 2021.

• 343 new Bitcoin (BTC) mined throughout October 2021.

• 2,750 BTC mined within the first ten months of 2021.

• 11+ BTC mined each day on common, equal to about US$ 665,500 per day based mostly on a BTC worth of US$60,500 on October 31.

• 2,646 BTC deposited into custody for the yr via October 31, 2021, representing roughly 96% of Bitfarms’ 2021 BTC manufacturing with a complete worth of roughly US$160 million based mostly on a BTC worth of US$60,500.

October 2021 Bitfarms’ Mining Operations Highlights

• 2,869 Bitmain S19j Professional miners acquired and put in.

• 300 MicroBT M30S miners acquired and put in.

• The remaining 4,361 Bitmain S19j Professional and 400 MicroBT M30S miners scheduled for supply this yr are en route and are anticipated to be acquired in a number of batches in November.

• The Cowansville, Québec, farm operated at its absolutely energized, upgraded capability of 17 MW for the month, which is a internet enhance of 13 MW.

• Building commenced on two new farms in Sherbrooke, Québec, growing our farms in growth from two (Argentina and Paraguay) to 4 (Argentina, Paraguay and Quebec).

• Building additionally started on a farm in Argentina inside the gates of a personal energy firm that won’t obtain any authorities subsidies.

Bitfarms’ BTC 2021 Month-to-month Manufacturing

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As beforehand introduced, development on high-power manufacturing services in Paraguay and Argentina is underway. These strategic investments signify 220 megawatts (MWs) of mixed capability and are a part of Bitfarms plan to develop its hashrate to three EH/s in first quarter 2022 and eight EH/s by yr finish 2022.

About Bitfarms Ltd.

Based in 2017, Bitfarms is a worldwide Bitcoin self-mining firm, working vertically built-in mining operations with onsite technical restore, proprietary knowledge analytics and Firm-owned electrical engineering and set up companies to ship excessive operational efficiency and uptime.

Having demonstrated fast progress and stellar operations, Bitfarms turned the primary Bitcoin mining firm to finish its lengthy kind prospectus with the Ontario Securities Fee and began buying and selling on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be introduced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms began buying and selling on the Nasdaq Inventory Market.

Bitfarms has a diversified manufacturing platform with 5 industrial scale services positioned in Québec. Every facility is over 99% powered with environmentally pleasant hydro energy and secured with long-term energy contracts. Bitfarms is at present the one publicly traded pure-play mining firm audited by a Huge 4 accounting agency.

To be taught extra about Bitfarms’ occasions, developments, and on-line communities:

Web site: www.bitfarms.com

https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Cautionary Assertion

Buying and selling within the securities of the Firm must be thought-about extremely speculative. No inventory trade, securities fee or different regulatory authority has permitted or disapproved the data contained herein. Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate), Nasdaq, or another securities trade or regulatory authority accepts accountability for the adequacy or accuracy of this launch.

Ahead-Trying Statements

This information launch accommodates sure “forward-looking data” and “forward-looking statements” (collectively, “forward-looking data”) which can be based mostly on expectations, estimates and projections as on the date of this information launch. The data on this launch concerning expectations in respect to its future fee of Bitcoin manufacturing, its future accumulation of Bitcoin, its enlargement plans, and about different future plans and goals of the Firm are forward-looking data. Different forward-looking data consists of, however just isn’t restricted to, data regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ means to efficiently mine digital forex, income growing as at present anticipated, the power to profitably liquidate present and future digital forex stock, volatility of community issue and digital forex costs and the potential ensuing vital destructive affect on the Firm’s operations, the development and operation of expanded blockchain infrastructure as at present deliberate, and the regulatory surroundings for cryptocurrency within the relevant jurisdictions.

Any statements that contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases reminiscent of “expects”, or “doesn’t count on”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “may”, “would”, “may” or “will” be taken to happen or be achieved) should not statements of historic reality and could also be forward-looking data and are meant to establish forward-looking data.

This forward-looking data is predicated on assumptions and estimates of administration of the Firm on the time they have been made, and entails recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such components embrace, amongst others, dangers regarding: the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of further financing, together with the Firm’s means to make the most of the Firm’s at-the-market providing (the “ATM Program”) and the costs at which the Firm could promote Frequent Shares within the ATM Program, in addition to capital market situations on the whole; the aggressive nature of the trade; forex trade dangers; the necessity for the Firm to handle its deliberate progress and enlargement; the consequences of product growth and wish for continued know-how change; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the trade; community safety dangers; the power of the Firm to take care of correctly working methods; reliance on key personnel; world financial and monetary market deterioration impeding entry to capital or growing the price of capital; share dilution ensuing from the ATM Program and from different fairness issuances; and unstable securities markets impacting safety pricing unrelated to working efficiency. As well as, specific components that would affect future outcomes of the enterprise of Bitfarms embrace, however should not restricted to: the development and operation of blockchain infrastructure could not happen as at present deliberate, or in any respect; enlargement could not materialize as at present anticipated, or in any respect; the digital forex market; the power to efficiently mine digital forex; income could not enhance as at present anticipated, or in any respect; it will not be attainable to profitably liquidate the present digital forex stock, or in any respect; a decline in digital forex costs could have a major destructive affect on operations; a rise in community issue could have a major destructive affect on operations; the volatility of digital forex costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions, the power to finish present and future financings, any rules or legal guidelines that may stop Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that will probably be per historic costs; an incapacity to foretell and counteract the consequences of COVID-19 on the enterprise of the Firm, together with however not restricted to the consequences of COVID-19 on the value of digital currencies, capital market situations, restriction on labour and worldwide journey and provide chains; and, the adoption or enlargement of any regulation or regulation that may stop Bitfarms from working its enterprise, or make it extra expensive to take action. For additional data regarding these and different dangers and uncertainties, check with the Firm’s filings on www.SEDAR.com (that are additionally accessible on the web site of the U.S. Securities and Alternate Fee at www.sec.gov), together with the annual data kind for the yr ended December 31, 2020, filed on April 7, 2021. The Firm has additionally assumed that no vital occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to establish essential components that would trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. There will be no assurance that such statements will show to be correct as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers shouldn’t place undue reliance on any forward-looking data. The Firm undertakes no obligation to revise or replace any forward-looking data aside from as required by regulation

Contacts

Investor Relations:

LHA Investor Relations
+1 415-433-3777
Investors@bitfarms.com

US Media:

YAP International
Mia Grodsky, Account Government
mia@yapglobal.com

Québec Media:

Ryan Affaires publiques
Valérie Pomerleau, Public Affairs and Communications
valerie@ryanap.com