TORONTO, Ontario and BROSSARD, Québec, Aug. 05, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Company”) (NASDAQ: BITF // TSXV: BITF), a publicly traded Bitcoin mining company, currently powering approximately 1.5% of the Bitcoin network with greater than 99% green hydroelectricity, today announces a Bitcoin production update and the announcement date of its second quarter 2021 financial results.
Mining Production Highlights as of August 1, 2021
Mined 391 new Bitcoin during July 2021, Bitfarms’ largest monthly production rate achieved in 2021 and approximately 96% more than its mining production in January 2021. The Company is currently mining between 12½ and 13½ Bitcoin each day. Mined 1,748 Bitcoin in the first seven months of 2021, the largest number of Bitcoin mined in North America as reported by publicly traded miners. Deposited 1,678 Bitcoin into custody through August 1, 2021, representing approximately 96% of the Company’s Bitcoin production this year and valued at approximately US$69.8 million based on the July 31st closing price of US$41,626. Bitcoin Production Update
As of August, 1, 2021, Bitfarms’ year-to-date Bitcoin (“BTC”) production by month was:
Month BTC January 199 February 178 March 221 April 232 May 262 June 265 July 391
As previously noted, recent macroeconomic events in China have increased Bitfarms’ market share and daily Bitcoin production rate substantially. This increase in market share offsets the reduction in Bitcoin price from a high of approximately US$63,000 in April 2021 to its July 2021 month-end value of US$41,626. In addition, these recent developments:
Position the Company to accumulate more Bitcoin on its balance sheet than previously anticipated, Reduce the Company’s average cost to produce each Bitcoin in light of the fixed nature of the majority of its operating costs, and Lower capital requirements by enabling the Company to negotiate substantial price reductions on its existing hardware purchase agreements for the 55,300 miners scheduled for delivery through the remainder of 2021 and 2022 towards its goal of reaching 8 Exahash of computing power by year-end 2022. “We are proud to have added 96% of our 2021 year-to-date Bitcoin mined to our long-term inventory program,” commented Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “As we work to execute on our growth targets, we anticipate adding more Bitcoins to our balance sheet at a faster rate than we have in the first half of 2021,” added Mr. Grodzki.
Second Quarter 2021 Financial Results
The Company also announces that it will report its second quarter 2021 financial results on Monday, August 16, 2021, after the market close.
Management will host a conference call on Monday, August 16, 2021, at 5:30 p.m. ET to review financial results. Following management’s formal remarks there will be a question-and-answer session where management will address questions. Interested parties may submit questions in advance for management’s consideration at investors@bitfarms.com through August 12, 2021.
Conference call access
The conference call will be available through a live webcast found here: https://services.choruscall.com/mediaframe/webcast.html?webcastid=ksgqlgVN
Participants are asked to pre-register for the call through the following link: https://dpregister.com/sreg/10159337/ec19bc7656
Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
Those without internet access or unable to pre-register may dial in by calling: 1-866-777-2509 (domestic), 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Bitfarms call.
A webcast replay of the call will be available approximately one hour after the end of the call through November 15, 2021, at the above webcast link.
https://financialpost.com/globe-newswire/bitfarms-provides-bitcoin-production-update-and-announces-release-date-of-second-quarter-2021-financial-results
