Bitfarms Announces Acquisition of New Mining Equipment and Management Appointments and Changes

Bitfarms Announces Acquisition of New Mining Equipment and Management Appointments and Changes

TORONTO and BROSSARD, Québec, June 01, 2020 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF) announces that it has purchased 1,847 WhatsMiner M20S miners from internally developed cash flow from operations.  The new equipment is scheduled to be delivered within 4 to 5 weeks. Once fully operational, the mining hardware is expected to add approximately 133 petahash per second (“PH/s”) to the Company’s installed computing power and improve computing efficiency to over 15 PH per megawatt (“MW”). In addition, the Company announces the appointment of John Rim as Chief Operating Officer and Nicolas Bonta as Chief Development Officer as well as the resignation of Ryan Hornby as Executive Vice President and General Counsel of the Company effective June 1, 2020.
New Mining Equipment Purchase:
Each WhatsMiner M20S miner produces an average of 72 terahash per second of computing capacity while consuming approximately 3.46 kWh of energy, or 48 joules per terahash. The M20S miners will utilize, in aggregate, approximately 6.2 megawatts (“MW”) of electricity. Bitfarms expects to have the new M20S hardware installed and operational by the beginning of July.
“We are pleased that the Company has been able to utilize its working capital to capitalize on historically low equipment pricing for the acquisition of the latest batch of mining equipment. This equipment will further extend the Company’s position as the most efficient publicly traded cryptocurrency miner in Canada in terms of computing power relative to electricity consumption,” commented John Rim, COO & CFO.Management Appointments and Changes:
John Rim has served as Chief Financial Officer of the Company since May 22, 2018.  Mr. Rim will assume the responsibilities of Chief Operating Officer in addition to maintaining his role as Chief Financial Officer of the Company.
Nicolas Bonta has served as the Chairman of the Board of Directors of Backbone since April 12, 2018.  Mr. Bonta is also a founder of Backbone and a successful entrepreneur with over 20 years of commercial business experience.  Mr. Bonta will assume the role of Chief Development Officer of the Company and will be responsible for strategic corporate and business development.The Company thanks Mr. Hornby for his contribution to the Company and wishes him well in his future endeavours.  The Company will continue to be supported by its external law firms, and has no plans to hire a replacement at this time.“We are very pleased to add Nico as our Chief Development Officer and for John to take on the additional role of Chief Operating Officer.  We have a strong, commercially experienced, and cohesive management team with proven track records and we remain committed to growing our Company,” commented Emi Grodzki, Interim CEO.About Bitfarms Ltd.
The Company owns and operates computing centres that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, earning fees from each network for securing and processing transactions. Powered by clean and competitively priced hydroelectricity, Bitfarms operates 5 computing centres in Québec, Canada. Bitfarms’ experienced management team includes industrial- scale data centre operators and capital markets professionals, focused on building infrastructure for the future by developing and hosting the ecosystem growing around blockchain-based technologies.
For investor and media inquiries, please contact:
Marc Duchesne
+1.514.277.3508
marc@ryanap.com
To learn more about Bitfarms’ events, developments and online communities:
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Website: www.bitfarms.com
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