Bitfarms Ltd. (BITF) supplied a Bitcoin (BTC) manufacturing and mining operations replace for April 2023. As well as, earlier as we speak Bitfarms introduced it had regained compliance with the minimal bid value requirement of $1.00 per share below Nasdaq Itemizing Rule 5550(a)(2).

“As we introduced final week, boosted by manufacturing will increase from new installations in Rio Cuarto, Argentina, our operational hashrate reached 5.0 EH/s on April 27, 2023,” mentioned Geoff Morphy, CEO of Bitfarms. “Importantly, our non-public energy producer in Argentina is now absolutely permitted to supply as much as 100 MW, and we’re in a position to start buying energy below this settlement at costs anticipated to be beneath $0.03 per KWh. With the allowing milestone achieved, we’re positioned to broaden in Rio Cuarto with sourced energy prices that ought to scale back our common value of energy and understand our progress goal of 6.0 EH/s in 2023. Moreover, in April we entered into agreements to accumulate 22 MW of hydro energy capability in Baie-Comeau, Quebec, topic to closing, that’s anticipated to drive additional progress and our renewable vitality portfolio.”

Ben Gagnon, Chief Mining Officer of Bitfarms, mentioned, “In April, BTC manufacturing declined 6% year-over-year, as a 52% enhance in our hashrate was offset by a 61% enhance in community issue and a 9-day shutdown in Rio Cuarto as we transitioned to a brand new substation. Nevertheless, we continued to drive hashrate progress on a sequential month-over-month foundation, as 4% progress in April elevated our company hashrate to five.0 EH/s on the finish of the month. We additionally bought a further 650 PH/s of latest Bitmain and MicroBT miners to fill out one other 22 MW within the first warehouse, which is anticipated to extend our complete hashrate an extra 13% upon deployment within the coming months. With aggressive pricing and excessive effectivity, we count on these new miners will enhance company vitality efficiencies measured by w/TH and scale back our general working prices/TH. Furthering our value management initiatives, we additionally rolled out miner particular real-time vitality monitoring throughout all websites and a {hardware} diagnostics software that ought to dramatically scale back restore occasions on new miner fashions.”

“For April 2023, we had been money stream optimistic from operations after scheduled curiosity and principal funds. Reflecting improved mining economics, as in March, we bought much less BTC than we produced, which resulted in a internet addition of 30 BTC to treasury in April, bringing the overall at month finish to 465 Bitcoin,” concluded Morphy.

Mining Assessment

Community issue elevated one other 4% in April and is up 38% year-to-date in 2023, whereas Bitcoin value is up roughly 77% in the identical interval, leading to a 9% enchancment in mining economics as measured by USD/TH.

Power curtailment in Quebec continued to reasonable in April, as hotter climate lowered the vitality demand by native energy grids. With the approaching of the Spring bloom in Quebec, vitality curtailment is anticipated to subside. The desk beneath presents an summary of April 2023 efficiency metrics as in comparison with each March 2023 and April 2022.

April 2023 Choose Working Highlights

• 5.0 EH/s on-line as of April 27, 2023, up 52% from April 30, 2022, and up 4% in comparison with March 31, 2023.
• 4.7 EH/s common on-line, in comparison with 4.6 EH/s in March 2023.
• 80.6 BTC/common EH/s, down from 91.4 in March 2023.
• 379 new BTC mined, down 6.4% from April 2022 and down 10.6% from March 2023.
• 12.6 BTC mined day by day on common, equal to about $369,180 per day and roughly $11.1 million for the month, primarily based on a BTC value of $29,300 on April 30, 2023.
• In Rio Cuarto, Argentina:
  • Non-public energy producer turned absolutely permitted to supply as much as 100 MW, enabling Bitfarms to start buying low-cost energy below Bitfarms’ buy settlement,
  • Completed testing of the substation that’s now on-line and able to delivering 120 MW,
  • Elevated lively capability over 100% to 18 MW by energizing 2,100 further miners,
  • Ended underclocking of current miners in keeping with improved economics, and
  • Bought over 6,200 new Bitmain and MicroBT miners to fill out a further 22 MW within the first warehouse.
• Added new {hardware} diagnostics software that automates {hardware} diagnostics and improves {hardware} restore occasions.
• Deployed real-time vitality monitoring throughout all websites, permitting for particular person machine optimization.
• Entered into agreements to accumulate 22 MW of hydro energy capability and to lease a web site in Baie-Comeau, Quebec, topic to customary closing circumstances.

Bitfarms’ BTC Month-to-month Manufacturing

The desk beneath presents an summary of BTC mined per 30 days in every of the primary 4 months of 2023 and 2022, respectively.

April 2023 Monetary Replace

• Bought 349 BTC of the 379 BTC mined, producing complete proceeds of $10.1 million.
• Diminished complete excellent indebtedness by $2 million, leaving a steadiness of $19 million at April 30, 2023.
• Added 30 BTC to treasury, because of strong money stream from operations, growing BTC in custody to 465, representing a complete worth of roughly $13.6 million primarily based on a BTC value of $29,300, on April 30, 2023.

Conferences and Occasions

Bitfarms plans to attend the next upcoming occasions:

• Might 18-20: Bitcoin 2023, Miami FL
• Might 18: 18th Annual Needham Expertise & Media Convention, Digital

About Bitfarms Ltd.

Based in 2017, Bitfarms is a world, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining firm. Bitfarms develops, owns, and operates vertically built-in mining farms with in-house administration and company-owned electrical engineering, set up service, and a number of onsite technical restore facilities. The Firm’s proprietary information analytics system delivers best-in-class operational efficiency and uptime.

Bitfarms at the moment has 10 farms, 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 sustainable, domestically primarily based, and sometimes underutilized vitality infrastructure.

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

Web site: www.bitfarms.com

https://www.fb.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/firm/bitfarms/

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
• w/TH = Watts per Terahash
• KWh = Kilowatt per hour

Cautionary Assertion

Buying and selling within the securities of the Firm must be thought of extremely speculative. No inventory alternate, securities fee or different regulatory authority has authorized or disapproved the data contained herein. Neither the Toronto Inventory Change, Nasdaq, or some other securities alternate or regulatory authority accepts accountability for the adequacy or accuracy of this launch.

Ahead-Wanting Statements

This information launch comprises sure “forward-looking data” and “forward-looking statements” (collectively, “forward-looking data”) which might be primarily based on expectations, estimates and projections as on the date of this information launch and are lined by secure harbors below Canadian and United States securities legal guidelines. The forward-looking data consists of, however just isn’t restricted to, data regarding the Firm’s progress expectations (and the drivers thereof), expectations concerning reductions in the price of energy and different enhancements in company vitality efficiencies, reductions within the Firm’s general working prices/TH and reductions in restore occasions, in addition to different statements concerning the intentions, plans and future actions of the Firm, in addition to Bitfarms’ capability to efficiently mine digital foreign money, income growing as at the moment anticipated, the power to profitably liquidate present and future digital foreign money stock, volatility of community issue and digital foreign money costs and the potential ensuing important detrimental influence on the Firm’s operations, the development and operation of expanded blockchain infrastructure as at the moment deliberate, and the regulatory atmosphere 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 akin to “expects”, or “doesn’t count on”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “finances”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “may”, “would”, “may” or “will” be taken to happen or be achieved) are usually not statements of historic reality and could also be forward-looking data and are meant to establish 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 components 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 components embrace, amongst others, dangers regarding: the supply of financing alternatives, dangers related to financial circumstances, dependence on administration and conflicts of curiosity, the power to service debt obligations and preserve flexibility in respect of debt covenants; financial dependence on regulated phrases of service and electrical energy charges; the speculative and aggressive nature of the expertise 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 laws; 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 capability 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 circumstances 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 business; foreign money alternate dangers; the necessity for the Firm to handle its deliberate progress and enlargement; the consequences of product growth and wish for continued expertise 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 modifications within the vitality regimes within the jurisdictions by which the Firm operates; safety of proprietary rights; the impact of presidency regulation and compliance on the Firm and the business; community safety dangers; the power of the Firm to keep up 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, explicit components that would influence future outcomes of the enterprise of Bitfarms embrace, however are usually not restricted to: the development and operation of amenities might not happen as at the moment deliberate, or in any respect; enlargement might not materialize as at the moment anticipated, or in any respect; the digital foreign money market; the power to efficiently mine digital foreign money; income might not enhance as at the moment anticipated, or in any respect; it might not be potential to profitably liquidate the present digital foreign money stock, or in any respect; a decline in digital foreign money costs might have a big detrimental influence on operations; a rise in community issue might have a big detrimental 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 gasoline, modifications in foreign money alternate charges, vitality curtailment or regulatory modifications within the vitality regimes within the jurisdictions by which the Firm operates and the hostile influence on the Firm’s profitability; the power to finish present and future financings, any laws or legal guidelines that can stop Bitfarms from working its enterprise; historic costs of digital currencies and the power to mine digital currencies that can be in line with historic costs; an lack of ability 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 circumstances, restriction on labour and worldwide journey and provide chains; and, the adoption or enlargement of any regulation or regulation that can stop Bitfarms from working its enterprise, or make it extra expensive to take action. For additional data regarding these and different dangers and uncertainties, consult with the Firm’s filings on www.SEDAR.com (that are additionally obtainable on the web site of the U.S. Securities and Change Fee at www.sec.gov), together with the annual data type for the yr-ended December 31, 2022, filed on March 21, 2023. The Firm has additionally assumed that no important occasions happen outdoors of Bitfarms’ regular course of enterprise. Though the Firm has tried to establish vital 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 could 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 apart from as required by regulation.

Contacts:

LHA Investor RelationsDavid Barnard+1 415-433-3777[email protected]

Precise Company Lisa Helfer+1 646-373-9946[email protected]

Québec Media: TactLouis-Martin Leclerc+1 418-693-2425[email protected]

Supply: Bitfarms Ltd.