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- Fully exercises 28,000 Bitmain T21 miner purchase option –
- Purchases additional 19,280 Bitmain T21 miners –
- Purchases 3,888 Bitmain S21 miners –
- Purchases 740 Bitmain S21 Hydro miners –
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, Ontario and BROSSARD, Quebec, March 11, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (TSX:BITF), a global vertically integrated Bitcoin mining company, exercised its previously announced purchase option for 28,000 Bitmain T21 miners and also purchased an additional 19,280 Bitmain T21 miners for US$14/TH, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners for US$17.50/TH.
"With Bitcoin achieving new all-time high prices and having already confirmed the tremendous performance from our T21 miners currently running, Bitfarms acted quickly to secure additional T21 and S21 miners before anticipated hardware price increases. These miners are scheduled to be delivered in 2024, we believe they are sufficient to reach 21 EH/s in 2024 without a redeployment of our older miners, which we intend to liquidate to help offset the cost of new miners," said Geoff Morphy, President and CEO of Bitfarms.
"These orders solidify our expansion plan for 2024 and provide the pathway to operating one of the newest and potentially most powerful mining fleets in the industry leading into what looks to be a promising bull market. Securing these miners now is a key part of our strategy to drive rapid and meaningful improvements across our three key operating metrics of hashrate, energy efficiency and operating costs per terahash with a plan to capture greater upside from rising Bitcoin prices with rapidly expanding mining margins," Morphy concludes.
