54 MW at Rio Cuarto drawing power at this fixed summer rate from November 2023 through April 2024
TORONTO, Ontario and BROSSARD, Québec, Nov. 15, 2023 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, has entered into a prepaid contract with its Argentinian private power producer to receive power at Rio Cuarto at the rate of 2.1 cents per kWh plus VAT for the months November 2023 through April 2024, which benefits from seasonally lower natural gas prices in Argentina.
“With Argentina currently contributing 23% of our global hashrate, this 6-month fixed price agreement will significantly lower our blended cost of power,” said Geoff Morphy, President and CEO of Bitfarms. “By comparison, in Q3 2023 our all-in cost of power at Rio Cuarto was slightly over 3.2 cents per kWh, and in October 2023, which was our first month operating that facility at full capacity, our all-in cost was 2.2 cents per kWh. Accordingly, with lower power costs at Rio Cuarto over the next 6 months, we expect the average cost of power at our Argentine operations in its first year to be around 2.5 cents per kWh plus taxes, driving down our corporate average cost of power for the full year.”
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure.
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/
Glossary of Terms
- 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/Terahash efficiency (includes cost of powering supplementary equipment
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 Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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 United States securities laws. The statements and information in this release regarding expected power costs, enhancement of mining facilities, growth opportunities and prospects, including as to the Company’s plans to expand operating capacity in multiple jurisdictions, upgrading and deployment of miners as well as the timing therefor, improved financial liquidity and performance and other statements regarding future plans and objectives of the Company are forward-looking information. Other forward-looking information includes, but is not limited to, information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the potential resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrency in the applicable jurisdictions.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not…
Read More: Bitfarms Locks in Power Cost at 2.1 cents per kWh Fixed Rate at Rio Cuarto