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Bitfarms Mines 424 BTC in March

Bitfarms Mines 424 BTC in March

Bitfarms Mines 424 BTC in March

Bitfarms Ltd.

This information launch constitutes a “designated information launch” for functions of the Firm’s prospectus complement dated August 16, 2021, to its quick kind base shelf prospectus dated August 12, 2021.

TORONTO and BROSSARD, Québec, April 03, 2023 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a worldwide Bitcoin self-mining firm, offered a Bitcoin (BTC) manufacturing and mining operations replace for March 2023.

“We improved our monetary place in March 2023, reflecting steady manufacturing and an growing BTC value,” mentioned Geoff Morphy, CEO of Bitfarms. “In the course of the month, we mined 424 BTC, added 30 BTC to treasury, and bought 394 BTC at a mean promoting value of $24,700 per BTC, consistent with enhancing mining economics and decrease debt obligations. Strengthening the Firm’s stability sheet and lowering debt additional, we ended March with $29 million in money and equivalents, 435 BTC in custody, $22 million in vendor credit, and simply $21 million in complete indebtedness.”

Ben Gagnon, Chief Mining Officer of Bitfarms, mentioned, “In March, we elevated BTC manufacturing 17% year-over-year, even with vitality curtailment in Quebec and Paraguay in addition to continued community progress. In Q1 2023, BTC value elevated by 72%, outpacing community difficultly progress of 32.5%. Consequently, trade mining income is up 31% {dollars} per TH within the quarter. Continued rising problem ranges replicate growing funding and bullish sentiment within the mining trade total.”

Mining Evaluate

Power curtailment in Quebec moderated in March, as hotter climate diminished the load offered again to the native energy grids. Nevertheless, excessive warmth in Paraguay resulted in some vitality curtailment throughout mid-March. Cooler temperatures arrived towards month finish within the Southern Hemisphere. The desk under presents an summary of March 2023 efficiency metrics as in comparison with each February 2023 and March 2022.

Key Efficiency Indicators

Mar. 2023

Feb. 2023

Mar. 2022

Whole BTC Mined




Month Finish Working EH/s




BTC/ Avg. EH/s




Working Capability (MW)




Hydropower MW




Watts/Terahash Effectivity (w/TH)




BTC Offered




March 2023 Choose Working Highlights

  • 4.8 EH/s on-line as of March 31, 2023, up 78% from March 31, 2022 and up 2% in comparison with February 28, 2023.

  • 4.6 EH/s common on-line, in comparison with 4.3 EH/s in February 2023.

  • 91.4 BTC/common EH/s, up marginally from 91 in February 2023.

  • 424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.

  • 13.7 BTC mined every day on common, equal to about $390,000 per day and roughly $12.1 million for the month, based mostly on a BTC value of $28,500 on March 31, 2023.

Gagnon added, “With an eye fixed on regularly enhancing value controls, throughout March we efficiently piloted a brand new characteristic in our proprietary administration system to trace actual time vitality consumption on a person miner foundation. Actual time monitoring permits for machine optimization and is scheduled to be deployed company-wide in April.”

Bitfarms’ BTC Month-to-month Manufacturing

The desk under presents an summary of BTC mined per 30 days in every of the primary three months of 2023 and 2022, respectively.


BTC Mined 2023

BTC Mined 2022










Whole YTD



March 2023 Monetary Replace

  • Offered 394 BTC of the 424 BTC mined, producing complete proceeds of $9.7 million.

  • Diminished complete excellent indebtedness by $2 million, leaving a stability of $21 million at March 31, 2023.

  • Held 435 BTC in custody, representing a complete worth of roughly $12.4 million based mostly on a BTC value of $28,500, at March 31, 2023.

  • Held $29 million in money and money equivalents at March 31, 2023.

  • Held a $22 million credit score for pre-paid deposits to be utilized in opposition to future miner buy agreements at March 31, 2023.

Conferences and Occasions

Bitfarms plans to attend the next upcoming occasions:

  • April 27: Ladenburg Thalmann Know-how Expo, New York Metropolis

  • Could 18-20: BTC 2023, Miami FL

  • Could 18: 18th Annual Needham Know-how & Media Convention, Digital

About Bitfarms Ltd.

Based in 2017, Bitfarms is a worldwide, publicly traded (NASDAQ/TSX: BITF) Bitcoin self-mining firm. Bitfarms runs vertically built-in mining operations with in-house administration and company-owned electrical engineering, set up service, and onsite technical restore. The Firm’s proprietary knowledge analytics system delivers best-in-class operational efficiency and uptime.

Bitfarms has 10 mining amenities around the globe, that are situated in 4 nations: Canada, the USA, Paraguay, and Argentina. Powered by predominantly environmentally pleasant hydro-electric and long-term energy contracts, Bitfarms is dedicated to utilizing renewable, domestically based mostly, and sometimes underutilized vitality infrastructure.

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

Web site:

Glossary of Phrases

  • BTC BTC/day = Bitcoin or Bitcoin per day

  • EH or EH/s = Exahash or exahash per second

  • MW or MWh = Megawatts or megawatt hour

  • PH or PH/s = Petahash or petahash per second

  • TH or TH/s = Terahash or terahash per second

Cautionary Assertion

Buying and selling within the securities of the Firm must be thought-about extremely speculative. No inventory change, securities fee or different regulatory authority has authorised or disapproved the knowledge contained herein. Neither the Toronto Inventory Trade, Nasdaq, or another securities change or regulatory authority accepts duty for the adequacy or accuracy of this launch.

Ahead-Wanting Statements

This information launch incorporates sure “forward-looking data” and “forward-looking statements” (collectively, “forward-looking data”) which are based mostly on expectations, estimates and projections as on the date of this information launch and are coated by secure harbors underneath Canadian and United States securities legal guidelines. The statements and knowledge on this launch concerning ongoing operational and monetary efficiency, debt discount and liquidity, administration of Bitcoin holding, and different future plans and aims of the Firm are forward-looking data. Different forward-looking data consists of, however will not be restricted to, data regarding: the intentions, plans and future actions of the Firm, in addition to Bitfarms’ potential to efficiently mine digital foreign money, income growing as at present anticipated, the power to profitably liquidate present and future digital foreign money stock, volatility of community problem and digital foreign money costs and the potential ensuing vital unfavourable influence 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, aims, assumptions, future occasions or efficiency (usually however not at all times utilizing phrases equivalent to “expects”, or “doesn’t anticipate”, “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 “might” or “might”, “would”, “may” or “will” be taken to happen or be achieved) will not be statements of historic truth and could also be forward-looking data and are meant to determine forward-looking data.

This forward-looking data relies on assumptions and estimates of administration of the Firm on the time they had been made, and includes recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency, or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such elements embody, amongst others, dangers regarding: the supply of financing alternatives, dangers related to financial situations, dependence on administration and conflicts of curiosity, the power to service debt obligations and keep flexibility in respect of debt covenants; financial dependence on regulated phrases of service and electrical energy charges; the speculative and aggressive nature of the know-how sector; dependency on continued progress in blockchain and cryptocurrency utilization; lawsuits and different authorized proceedings and challenges; battle of pursuits with administrators and administration; authorities rules;the worldwide financial local weather; dilution; the Firm’s restricted working historical past; future capital wants and uncertainty of extra financing, together with the Firm’s potential to make the most of the Firm’s at-the-market fairness providing program (the “ATM Program”) and the costs at which the Firm might promote Widespread Shares within the ATM Program, in addition to capital market situations normally; dangers regarding the technique of sustaining and growing Bitcoin holdings and the influence of depreciating Bitcoin costs on working capital; the aggressive nature of the trade; foreign money change dangers; the necessity for the Firm to handle its deliberate progress and growth; the consequences of product improvement and wish for continued know-how change; the power to keep up dependable and economical sources of energy to run its cryptocurrency mining property; the influence of vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions wherein the Firm operates; 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 keep up correctly working programs; 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 risky securities markets impacting safety pricing unrelated to working efficiency. As well as, explicit elements that would influence future outcomes of the enterprise of Bitfarms embody, however will not be restricted to: the development and operation of amenities might not happen as at present deliberate, or in any respect; growth might not materialize as at present anticipated, or in any respect; the digital foreign money market; the power to efficiently mine digital foreign money; income might not improve as at present anticipated, or in any respect; it will not be doable to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs might have a big unfavourable influence on operations; a rise in community problem might have a big unfavourable influence on operations; the volatility of digital foreign money costs; the anticipated progress and sustainability of hydroelectricity for the needs of cryptocurrency mining within the relevant jurisdictions; the lack to keep up dependable and economical sources of energy for the Firm to function cryptocurrency mining property; the dangers of a rise within the Firm’s electrical energy prices, value of pure fuel, adjustments in foreign money change charges, vitality curtailment or regulatory adjustments within the vitality regimes within the jurisdictions wherein the Firm operates and the adversarial influence on the Firm’s profitability; 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 likely be in line with 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 growth of any regulation or legislation that may stop Bitfarms from working its enterprise, or make it extra pricey to take action. For additional data regarding these and different dangers and uncertainties, seek advice from the Firm’s filings on (that are additionally accessible on the web site of the U.S. Securities and Trade Fee at, together with the annual data kind for the 12 months-ended December 31, 2022, filed on March 21, 2023. The Firm has additionally assumed that no vital occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to determine essential elements that would trigger precise outcomes to vary materially from these expressed in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There may be no assurance that such statements will show to be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’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 legislation



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