Bitfarms Purchases 2,465 Additional Bitcoin Miners

Bitfarms Ltd. (TSXV: BITF) has partnered with Foundry Digital LLC to purchase 2,465 Whatsminer M30S Bitcoin mining machines. The company reports this effectively improves the hashrate by 15%.

Of the 2,465 machines, the first 1,465 were previously installed in Bitfarms’ Sherbrooke facility in Q3 2020 for hosting. The company has since ended its hosting agreement and refocused 100% of installed power capacity for its own Bitcoin production. The company reported that this initial purchase, which only required a 10% down payment of approximately US$1.0 million, has increased the operating hashrate by 11% or 133 PH/s. Bitfarms expects to recover the initial deposit in under a month and to generate positive cash flows for another 3 to 5 years.

The remaining 1,000 machines are expected to produce an additional 90 PH/s, which are to be financed under similar terms. These machines are scheduled to arrive in three 300-400 unit shipments in September, October, and November 2021.

Prior to these purchases, Bitfarms previously announced that it is currently operating at a hashrate of 1.2 EH/s.

Foundry is also expected to provide Bitfarms a US$10 million equipment financing credit facility in early 2022 to finance further machine purchases.

Bitfarms Ltd. last traded at $4.13 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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