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Bitfarms, a Bitcoin self-mining company, announced the hiring of three executives for newly created positions to bolster its growth. Philippe Fortier joins as Vice President of Special Projects, bringing over a decade of corporate finance experience.
Andrea Keen Souza, appointed Vice President of Human Resources, has extensive international experience in talent development. Stephanie Wargo, as Vice President of Marketing, comes with 25 years of expertise in financial services marketing. These strategic hires aim to enhance acquisitions, human resources, and marketing, supporting Bitfarms' ongoing expansion in the Bitcoin mining sector.
Bitfarms Ltd. has commenced production at its new 10 MW farm in Paraguay, increasing its operational farms to seven with a total capacity of 116 MW. January 2022 saw Bitcoin production of 301 BTC, marking a 51% year-over-year increase. The company aims for 3 EH/s by Q1 2022 and 8 EH/s by year-end. With 288 MW contracted and three farms under development, Bitfarms continues to leverage renewable hydropower for operations, aiding local power stability through energy curtailment programs.
Bitfarms Ltd. announces a significant update regarding its Bitcoin holdings, revealing it currently possesses over 4,300 Bitcoins in treasury, as of January 10, 2022. The company purchased 1,000 BTC for US$43.2 million during the first week of January, boosting its holdings by 30%. CEO Emiliano Grodzki emphasized the firm's strategy to acquire Bitcoin at low costs to benefit shareholders while aiming for 8 exahash/second operational capacity by the end of 2022. Bitfarms is committed to optimizing capital allocation amidst fluctuating Bitcoin prices.
Bitfarms will present at the 24th Annual Needham Growth Conference on January 14, 2022, at 10:45 AM ET. The presentation will be led by President Geoffrey Morphy and CFO Jeff Lucas. It will be available via a live webcast and for replay afterwards. Founded in 2017, Bitfarms is a leading global Bitcoin self-mining company with operations powered primarily by environmentally friendly hydro power. The company trades on NASDAQ under the symbol BITF and the TSX-V as BITF.
Bitfarms Ltd. reported a December Bitcoin production of 363 BTC, marking an 82% increase from January's 199 BTC. Total BTC mined in 2021 reached 3,452 BTC. The company's hashrate increased 228%, with a capacity expansion of 54% to 106 MW. Bitfarms retained most of its BTC, increasing its holdings to over 3,300 BTC valued at US$151.8 million. 2022 plans include doubling operational farms and targeting 8 EH/s by year-end. The press release emphasizes a strong operational foundation amid the evolving Bitcoin market.
Bitfarms Ltd. has secured a $100 million BTC-backed credit facility from Galaxy Digital LLC, enhancing its financing flexibility. This facility will support growth initiatives, including the construction of four mining farms with a capacity of 298 Megawatts. The initial draw of $60 million carries a 10.75% interest rate. Bitfarms aims to achieve hash rates of 3 Exahash by March 31, 2022, and 8 Exahash by December 31, 2022, leveraging its existing 3,300 BTC in treasury. The strategy focuses on minimizing capital costs and maximizing growth potential.
Bitfarms Ltd. has appointed Geoff Morphy as Chief Operating Officer while he continues as President. This decision acknowledges his significant contributions since 2020, including team leadership and operational mandates. The company also granted stock options for 2,750,000 common shares at CAD$8.13 each, expiring in five years, to its officers, directors, employees, and consultants. Bitfarms operates as a global Bitcoin self-mining company, focused on operational excellence and sustainability through hydroelectric power.
Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF) reported a significant production update for November 2021, achieving a hashrate increase of 16% to 2.1 Exahash per second. The company mined 3,089 BTC in the first 11 months of 2021, with nearly 3,000 BTC valued at approximately $175 million. November production included 339 BTC, and the average daily production reached 11+ BTC, equating to about US$649,000 daily. Bitfarms is on track to grow its hashrate to 3 EH/s in Q1 2022 and 8 EH/s by year-end 2022.
Bitfarms Ltd., a prominent Bitcoin self-mining company, will present at the B. Riley Securities Crypto Conference on December 8, 2021, at the Kimpton Hotel Eventi. President Geoffrey Morphy and CFO Jeff Lucas will be present for a fireside chat and one-on-one meetings. Additionally, management will hold investor meetings in New York City on December 7, 2021. A replay of the conference will be available on Bitfarms' investor relations page after the event. Bitfarms operates five facilities in Quebec, utilizing over 99% environmentally friendly hydropower.
Bitfarms Ltd. appoints Patricia Osorio as Vice President of Corporate, enhancing its executive team. She will report directly to President Geoff Morphy and support global business development and corporate governance. Osorio brings 18 years of experience, including her previous role as Corporate Secretary at Dundee Sustainable Technologies. Additionally, the company announced the granting of stock options for 120,000 common shares, exercisable at CAD$9.81 for five years. This decision aligns with Bitfarms’ strategy to expand its operational footprint across multiple regions.
