Bitfarms Provides Production and Mining Operations Update May 2022 - GlobeNewswire

Bitfarms Provides Production and Mining Operations Update May 2022 – GlobeNewswire

– Mines 431 bitcoins at an average of 13.9 bitcoins per day –

This news release constitutes a “custom news release” for purposes of supplementing the Company’s prospectus of August 16, 2021 to the short-term prospectus on the primary shelf of August 12, 2021.

Toronto, Ontario and Broussard, Quebec, June 1, 2022 (GLOBE NEWSWIRE) – Bitfarms Ltd. (Nasdaq: BITF // TSX: BITF), a global Bitcoin self-mining company, has provided an update on Bitcoin (BTC) production and mining operations for the month of May 2022.

“Beta farm mining remains profitable; even with the bitcoin price drop in May, we generated strong gross margins,” said Ben Gagnon, chief mining officer at Bitfarms. Efficiency, Bitfarms has one of the lowest and most competitive costs of producing Bitcoin globally. The low cost of our operations is one of our main strengths.”

“During May, average daily production rose to 13.9 bitcoin/day, up 3% from 13.5 bitcoin/day in April,” said Emiliano Grodzki, CEO of Bitfarms. “We have completed construction of the Leger facility with 7,400 miners generating approximately 740 PH/s,” Grodzki added. “Leger is now our largest single site with a production level roughly equal to Bitfarms’ full hash rate at the end of Q2 2020.”

“Phase 2 construction continues at The Bunker and site capacity is expected to increase to 30MW when complete. With miners delivered on schedule, we expect to have another strong month of growth as we build our operational retail to our next target of 4 exhash per second (EH/s) by the end of the second quarter,”

mining production

  • 3.4 EH/s online as of May 31, 2022.
  • 431 new BTC were mined during May 2022, an increase of 6% over May 2021.
  • An average of 13.9 BTC was mined per day in May, which equates to approximately $431,000 per day and approximately $13.3 million per month based on the $31,000 BTC price on May 31, 2022.
  • 429 BTC miners were deposited into custody in May.
  • 6,075 BTC in custody on May 31, 2022, representing a total value of approximately $188 million based on the $31,000 BTC price.

mining operations

  • Construction was completed at the Leger site in Sherbrooke, Quebec.
  • The De la Pointe site has been permanently reduced to 18 MW as part of a relocation and phased expansion within the city of Sherbrooke.

Bitfarms’ BTC 2022 Monthly Production

Month BTC
January 301
February 298
Walk 363
April 405
mayo 431

Analyst and Institutional Investor Day June 22, 2022

Bitfarms will host Analyst and Institutional Investor Day on June 22, 2022, both online and in person in Montreal. In-person attendance requires advanced registration and is available by invitation. For more information, interested parties can contact LHA Investor Relations at

A webcast of the event, along with supporting materials, will be available on the company’s investor relations website. Interested parties can register for the webcast in advance here:

Sign up for Webcast – Bitfarms Analyst and Institutional Investor Day

The webcast and related presentation materials will be replayed after the event ends.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global, self-contained Bitcoin mining company that operates vertically integrated mining operations with on-site technical overhaul, proprietary data analytics, and proprietary electrical engineering and installation services to deliver high operational performance and uptime.

Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin miner to complete a lengthy prospectus with the Ontario Securities Commission and began trading on TSX-V in July 2019. On February 24, 2021, Bitfarms was honored to be announced as a rising star by TSX-V . On June 21, 2021, Bitfarms began trading on the Nasdaq Stock Exchange. On February 24, 2022, the company was honored by TSX-V as Venture 50 Winner, ranking first in the technology sector. On April 8, 2022, Bitfarms was listed from TSX-V to TSX.

Operationally, Bitfarms has a diversified production platform with seven industrial-scale facilities located in Quebec, one in Washington state and one in Paraguay. Each facility is over 99% powered by eco-friendly hydroelectric power and secured by long-term power contracts. Bitfarms is currently the only publicly traded pure mining company that has been audited by the Big Four accounting firm.

To learn more about Bitfarms events, developments, and online communities:


cautionary statement

Trading in the company’s securities should be considered highly speculative. No stock exchange, Securities Commission or any other regulatory authority has approved or rejected the information contained herein. The Toronto Stock Exchange, NASDAQ, or any other stock exchange or regulatory body does not accept responsibility for the adequacy or accuracy of this statement.

forward-looking statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections at the date of this press release and are covered by Safe Ports under Canadian and US securities laws. Statements and information in this release relating to expansion plans, including bunker building, monthly growth forecasts, production and retail capacity goals and objectives and other future plans and objectives of the Company are forward-looking information. Other forward-looking information includes, but is not limited to, information regarding: the Company’s future intentions, plans and actions, as well as Bitfarms’ ability to successfully mine digital currency, increase revenue as currently expected, and be able to profitably liquidate current and future cryptocurrency stocks, The variability of network difficulty and cryptocurrency prices and the resulting significant negative impact on the company’s operations, the construction and operation of the expanded blockchain infrastructure as currently planned, and the cryptocurrency regulatory environment in applicable jurisdictions.

Any statements that include discussions of predictions, expectations, beliefs, plans, expectations, goals, assumptions, future events or performance (often but not always using phrases such as “expect,” “do not expect,” “expect,” “expect,” “do not expect,” or “plan” “budget,” “scheduled,” “forecast,” “estimate,” “believe,” “intend,” or various forms of these words and phrases imply that certain actions, events or results “may,” “could,” or “may” or “will” be taken to occur or materialize) are not statements of historical facts and may be forward-looking information intended to determine future-looking information.

This forward-looking information is based on the assumptions and estimates of the Company’s management at the time it was made, and includes known and unknown risks, uncertainties and other factors that may lead to the Company’s actual results, performance or achievements. different from any future results, performance or achievements expressed or implied by this forward-looking information. These factors include, among others, risks related to: the global economic climate; mitigation; limited operating history of the company; Future capital needs and uncertainty about additional financing, including the Company’s ability to take advantage of the Company’s market offering (the “ATM Program”), the prices at which the Company may sell common stock in the ATM Program, as well as capital market conditions in general. ; Risks related to the strategy of maintaining and increasing bitcoin holdings and the impact of lower bitcoin prices on working capital; competitive nature of the industry; currency exchange risk the company’s need to manage its planned growth and expansion; Effects of product development and the need for continuous technological change; The ability to maintain reliable and economical energy sources for powering cryptocurrency mining assets; The effect of power downsizing or regulatory changes in power systems in the jurisdictions in which the company operates; property rights protection; Impact of government regulations and compliance on the company and industry; network security risks; The company’s ability to properly maintain working systems; Reliance on key personnel; deterioration of the global economy and financial markets impeding access to capital or increasing the cost of capital; stock dilution resulting from the ATM program and other stock issuances; and volatile stock markets that affect the prices of securities that are not related to operating performance. In addition, special factors that could affect the future results of Bitfarms’ business include, but are not limited to: construction and operation of the facilities as currently planned, or at all; Expansion may not materialize as currently expected, or may not materialize at all; digital currency market; the ability to successfully mine digital currencies; Revenue may not increase as currently expected, or may not increase at all; It may not be possible to profitably liquidate the existing digital currency stock, or at all; The decline in cryptocurrency prices may have a significant negative impact on operations; Increasing network difficulty may have a significant negative impact on operations; volatility of cryptocurrency prices; The projected growth and sustainability of hydropower for crypto-mining purposes in applicable jurisdictions; the inability to maintain reliable and economical energy sources for the company to operate cryptocurrency mining assets; The risk of an increase in the Company’s electricity costs, the cost of natural gas, changes in currency exchange rates, power cuts or regulatory changes in the energy systems of the jurisdictions in which the Company operates and the negative impact on the Company’s profitability; The ability to complete current and future financings, and any regulations or laws that prevent Bitfarms from operating its business; Historical prices of digital currencies and the ability to mine digital currencies that will be compatible with historical prices; the inability to predict and respond to the impacts of COVID-19 on the Company’s business, including but not limited to the effects of COVID-19 on cryptocurrency prices, capital market conditions, labor restrictions, international travel and supply chains; and adopt or expand any regulation or law that prevents Bitfarms from operating its business, or makes it more expensive to do so. For more information regarding these and other risks and uncertainties, please refer to the Company’s filings at (Also available on the SEC website at, including the annual information form for the year ending December 31, 2021, and submitted on March 28, 2022. The company also assumed that there were no significant events outside the normal course of business for Bitfarms. Although the Company has attempted to identify significant factors that could cause actual results to differ materially from those expressed in the forward-looking statements, there may be other factors that cause results not to appear as expected, estimated or intended. There can be no assurance that such statements will prove to be accurate because actual results and future events could differ materially from those projected in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to review or update any forward-looking information other than as required by law.


Investor Relations:

Investor Relations at LHA
David Barnard
+1 415-433-3777

American media:

International Yap
Mia Grodsky, Account Manager

Quebec Media:

Ryan Avers Publications
Valerie Pomerlo, Public Affairs and Communications

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