Bitfarms Announced it Mined 420 Bitcoins in June 2022

Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for June 2022.

Bitfarms Ltd. (NASDAQ:BITF, TSX:BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for June 2022.

“The Bunker is nearing the completion of Phase 2, and it will be our largest active site, with 36 megawatts (MW) powering approximately 913 petahash per second (PH/s), which alone is nearly our total hashrate as at the end of 2020,” said Ben Gagnon, Chief Mining Officer of Bitfarms. “Miner deployments at The Bunker drove a 6% increase in our sequential month-over-month hashrate to 3.6 exahash per second (EH/s). Production averaged 14 BTC/day for the month and is currently clocked at 14.6 BTC/day.”

“Importantly, with miner installations continuing, we expect to exceed our Q2 2022 target of 4.0 EH/s within the next two to three weeks. This growth, coupled with recent declines in the overall network hashrate, from a 30-day rolling average of about 222 EH/s to 212 EH/s, signals we are well positioned to gain market share and increase our daily mined Bitcoins in July,” added Gagnon.

“In June, we completed the building structure for the first 50 MW warehouse in Rio Cuarto, Argentina, and are nearing completion of its roof and floor. Construction is also progressing smoothly on the construction of the high-voltage 132-kilovolt transmission line that will feed the site,” said Emiliano Grodzki, CEO of Bitfarms. “With construction on schedule, we continue to expect production to commence at this first warehouse in Q4 2022, and our plan remains to complete the second 50MW facility in Q1 2023.”

Mining Production

3.6 EH/s online as of June 30, 2022.
420 new BTC mined during June 2022, up 58% from June 2021.
14 BTC mined daily on average in June, equivalent to about US$280,000 per day and approximately US$8 million for the month based on a BTC price of US$20,000 on June 30, 2022.
3,144 BTC in custody on June 30, 2022, representing a total value of approximately US$63 million based on a BTC price of US$20,000. BTC held in custody on June 30, 2022, reflects the sale of 3,352 BTC during June 2022.
Mining Operations

Completed building infrastructure in Rio Cuarto, Argentina.
Secured US$37 million in non-dilutive new equipment financing from NYDIG ABL LLC to support growth in Quebec.
Installed and made operational 2,000 Whatsminer M30S at the Bunker increasing total hashrate 200 PH.
Bitfarms’ BTC 2022 Monthly Production
Month BTC
January 301
February 298
March 363
April 405
May 431
June 420
Financing Activities

In June, Bitfarms initiated and completed certain financing activities that reduced overall debt and increased liquidity, including:

Paying down the Company’s US$100 million BTC-backed loan facility to US$38 million:
Reducing the outstanding principal by US$62 million and freeing up US$27MM of BTC that was otherwise collateralizing the loan above the principal repayment.
Reducing interest expense by US$7 million on an annualized basis.
Amending the BTC-backed loan that was to mature June 30, 2022, extending the maturity by three-months for a maximum of US$40 million, of which US$38 million is currently outstanding, at an interest rate of 11.25%.
Selling 3,352 BTC during the month for total proceeds of US$69 million, a portion of which was used to pay down the BTC-backed facility.
Closing a US$37 million new equipment financing agreement with NYDIG ABL LLC.

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