- 496 BTC mined in
- 4.5 EH/s and 188 MW operating capacity at year end -
- BTC-backed loan facility paid off in full -
This news release constitutes a “designated news release” for purposes of the Company’s prospectus supplement dated
“In December, we energized the remaining portions of The Bunker and Garlock farms, executing our Canadian expansion plan two and one-half months ahead of schedule,” said
CFO
Mining Review
During December,
Key Performance Indicators | |||
Total BTC Mined | 496 | 453 | 363 |
Month End Operating EH/s | 4.5 | 4.4 | 2.2 |
BTC/ Avg. EH/s | 113 | 105 | 169 |
Operating Capacity (MW) | 188 | 182 | 106 |
Hydropower MW | 178 | 172 | 106 |
Watts/Terahash Efficiency (w/TH) | 40 | 40 | 44 |
BTC Sold | 1,755 | 853 | 35 |
Select Operating Highlights
- 4.5 EH/s online as of
December 31, 2022 , up 105% fromDecember 2021 and up 2% compared toNovember 30, 2022 . - 4.38 EH/s average online for the month of December.
- 113 BTC/average EH/s for the month of December, up 8% from 105 in
November 2022 . - 496 new BTC mined during
December 2022 , up 37% fromDecember 2021 and up 9% fromNovember 2022 . - 16 BTC mined daily on average in December, equivalent to about
US$265,600 per day and approximatelyUS$8.2 million for the month based on a BTC price ofUS$16,600 onDecember 31, 2022 .
Mining Operations
- In
Sherbrooke, Québec :- Energized the remaining 12 MW of the Garlock farm reaching the full 18 MW capacity in early December.
- Brought online the remaining 6 MW of Phase 3 of The Bunker, reaching the full 48 MW capacity in early December.
- Finished decommissioning the de la Pointe farm and transferred ownership to the
City of Sherbrooke ,Department of Transportation as planned. - Completed the
Sherbrooke campus ahead of schedule, activating the entire 96 MW.
- Completed construction of the first 50-MW warehouse in
Rio Cuarto, Argentina . - Underclocked nearly 2,300 underperforming miners improving w/TH by 15% with a reduction of nearly 4 MW of power consumption representing important cost savings.
- Scheduled 5,600 miners, capable of 540 PH/s, for deployment in Q1 2023, to expand EH/s and eventually replace underperforming miners.
- Curtailed operations restoring 4000 MWhs to the grid.
Bitfarms’ BTC Monthly Production
Month | BTC Mined 2022 | BTC Mined 2021 |
January | 301 | 199 |
February | 298 | 178 |
March | 363 | 221 |
April | 405 | 232 |
May | 431 | 262 |
June | 420 | 265 |
July | 500 | 391 |
August | 534 | 354 |
September | 481 | 305 |
October | 486 | 343 |
November | 453 | 339 |
December | 496 | 363 |
Total YTD | 5,167* | 3,453* |
*Due to rounding, numbers may not add up precisely to totals.
Financial Update
- Sold de la Pointe farm for
$3.6 million in net cash net proceeds. - Paid
$16.5 million to fully extinguish the BTC-backed facility. - Paid down
$2.0 million in equipment related indebtedness during the month, leaving an outstanding balance of$47.0 million . - Sold 1,755 BTC during
December 2022 , generating total proceeds of$29.9 million . - Held 405 BTC in custody at
December 31, 2022 , representing a total value of approximately$6.7 million based on a BTC price of$16,600 . - Held approximately
$31 million in cash and cash equivalents atDecember 31, 2022 . - Renegotiated miner purchasing agreements, extinguishing payment obligations of
$45.4 million without penalty and establishing a$22.4 million credit for pre-paid deposits to be applied against future purchase agreements.
Conferences and Events
January 10-12 : 25th AnnualNeedham Growth Conference ,New York City January 11 ,3:45 pm ET – Presentation- Webcast Registration
About
Founded in 2017,
To learn more about Bitfarms’ events, developments, and online communities:
Website: www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the
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 as at the date of this news release and are covered by safe harbors under Canadian and
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing, including the Company’s ability to utilize the Company’s at-the-market offering (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of
Contacts:
LHA Investor Relations
+1 415-433-3777
Investors@bitfarms.com
+1 339-234-3332
mediarelations@bitfarms.com
Québec Media: Tact
+1 418-693-2425
lmleclerc@tactconseil.ca
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