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Bitfarms Reports Third Quarter 2023 Results

Retrieved on:

Tuesday, November 7, 2023

Bitcoin, Adjustment, Miner, Farm, G&A, Treasury, Quarter, Division by two, CFO, BTC, Paul Morphy, TSX, Synthetic, Renewable energy, Cryptocurrency, Beauty salon, Clothing, Baie-Comeau

TORONTO and BROSSARD, Québec , Nov. 07, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a vertically integrated Bitcoin mining company, reported its financial results for the third quarter ended September 30, 2023, with revenue of $35 million, net loss of $19 million, and Adjusted EBITDA* of $7 million. All financial references are in U.S. dollars.

Key Points:

- Increases hashrate to 6.1 EH/s at September 30, 2023 and 6.3 EH/s at October 31, 2023 -
- Developing operating capacity to 290 MW in Q1 2024, up 24% from Q3 2023 -
TORONTO and BROSSARD, Québec , Nov. 07, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a vertically integrated Bitcoin mining company, reported its financial results for the third quarter ended September 30, 2023, with revenue of $35 million, net loss of $19 million, and Adjusted EBITDA* of $7 million.
“During the third quarter of 2023, we increased operating capacity by 27 MW to 234 MW and by another 6 MW to 240 MW in October 2023.
Financial Highlights for the Quarter ended September 30, 2023
Total revenue of $35 million, compared to $35 million in Q2 2023.
Total cash cost, including G&A expenses, per BTC* were $22,700 in Q3 2023, up from $21,800 in Q2 2023.

Bitfarms Reaches 240 MW and 6.3 EH/s as Baie-Comeau Fully Energizes Initial Phase

Retrieved on:

Monday, October 23, 2023

Bitcoin, Renewable energy, Baie-Comeau

TORONTO, Ontario and BROSSARD, Québec, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, fully energized the first phase of its farm in Baie-Comeau, Québec, increasing its total operating capacity to 240 MW and its hashrate to 6.3 EH/s.

Key Points:

TORONTO, Ontario and BROSSARD, Québec, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, fully energized the first phase of its farm in Baie-Comeau, Québec, increasing its total operating capacity to 240 MW and its hashrate to 6.3 EH/s.
“By fully energizing Baie-Comeau, we increased our corporate operating capacity with cost-effective and clean hydro power and achieved our 6.3 EH/s goal,” said Bitfarms CEO Geoff Morphy.
Production initiated with 3 MW and increased to about 5 MW consistently throughout August 2023.
In early October 2023, Baie-Comeau added 6 MW, fully energizing the initial 11 MW phase.

Bitfarms Mines 383 BTC in August 2023

Retrieved on:

Friday, September 1, 2023

Bitcoin, Baie-Comeau, Miner, XP, Paul Morphy, Mining, Weather, BTC, News, Economics, Cryptocurrency, Renewable energy, Rare-earth element

TORONTO, Ontario and BROSSARD, Québec, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provides a Bitcoin (BTC) production and mining operations update for August 2023.

Key Points:

TORONTO, Ontario and BROSSARD, Québec, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provides a Bitcoin (BTC) production and mining operations update for August 2023.
“In August, we powered up new miners and continued to optimize the fleet at several locations, driving our hashrate up to 5.6 EH/s,” said Geoff Morphy, CEO of Bitfarms.
Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In August 2023, BTC production was 383, an increase of 1.3% in July 2023 despite a 6.3% network difficulty increase during August.
August production of 383 BTC was 1.3% higher than the 378 BTC mined in July due to increased corporate capacity and more moderate weather facilitating greater uptimes.

Bitfarms Reports Second Quarter 2023 Results

Retrieved on:

Tuesday, August 8, 2023

Treasury, Baie-Comeau, Quarter, Miner, G&A, Investment, Paul Morphy, TSX, Growth, BTC, Adjustment, News, Cryptocurrency, Renewable energy, Rare-earth element, Clothing

TORONTO, Ontario and BROSSARD, Québec, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a vertically integrated global bitcoin company, reported its financial results for the second quarter ended June 30, 2023, with revenue of $35 million, net loss of $25 million, and Adjusted EBITDA* of $8 million. All financial references are in U.S. dollars.

Key Points:

TORONTO, Ontario and BROSSARD, Québec, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a vertically integrated global bitcoin company, reported its financial results for the second quarter ended June 30, 2023, with revenue of $35 million, net loss of $25 million, and Adjusted EBITDA* of $8 million.
“During the second quarter, we continued our strategy of leading into the next BTC halving responsibly deploying capital to drive greater operating efficiencies in conjunction with geographic expansion and diversification,” said Geoff Morphy, President and CEO of Bitfarms.
Averaging 13.4 BTC mined per day in Q2 2023, we mined a total of 1,223 BTC in the quarter.
Total cash costs of production, including G&A expenses, per BTC were $21,800 in Q2 2023, up from $17,600 in Q1 2023.

Bitfarms Mines 378 BTC in July

Retrieved on:

Tuesday, August 1, 2023

Bitcoin, Overalls, Miner, Lightning, Paul Morphy, Mining, Weather, BTC, News, Economics, Cryptocurrency, Renewable energy, Baie-Comeau

TORONTO, Ontario and BROSSARD, Québec, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provides a Bitcoin (BTC) production and mining operations update for July 2023.

Key Points:

TORONTO, Ontario and BROSSARD, Québec, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provides a Bitcoin (BTC) production and mining operations update for July 2023.
Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In July, BTC production was 378, compared to 385 BTC in June 2023 as difficulty increased another 3.3% in the month.
Of the 378 BTC mined, 333 BTC were sold and 45 BTC were added to treasury, which reached 594 BTC at July 31, 2023.
July production of 378 BTC was 1.8% lower than the 385 BTC mined in June largely due to disruptions caused by extreme weather resulting in lower average EH/s online.

Bitfarms Starts Production at Baie-Comeau and Increases Hashrate Target to 6.3 EH/s in Q3 2023

Retrieved on:

Thursday, July 6, 2023

Bitcoin, Parc d'entreprises de la Pointe-Saint-Charles, Miner, US, CAD, Acquisition, News, Sale, Cryptocurrency, Renewable energy, Baie-Comeau

TORONTO, Ontario and BROSSARD, Québec, July 06, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, closed the acquisition announced on April 11, 2023, of its newest farm in Baie-Comeau, Québec and immediately started production at the site. As a result, Bitfarms increased its target hashrate to 6.3 EH/s by the end of Q3 2023.

Key Points:

As a result, Bitfarms increased its target hashrate to 6.3 EH/s by the end of Q3 2023.
“Expanding operations to 11 farms marks another major milestone for Bitfarms,” said Geoff Morphy, CEO of Bitfarms.
The hashing began with an initial 3 MW, and we expect to reach 11 MW at the site in Q3 2023.
Total consideration was CAD$2.5 million (US$1.9 million), with CAD$1.0 million (US$750,000), or 40% paid in cash, and 820,837 Bitfarms’ common shares, or 60%, issued at a price of CAD$1.83/share (US$1.38/share).

Bitfarms Mines 385 BTC in June

Retrieved on:

Monday, July 3, 2023

Baie-Comeau, Miner, Acquisition, Paul Morphy, Mining, BTC, News, Economics, Cryptocurrency, Bitcoin

TORONTO, Ontario and BROSSARD, Québec, July 03, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provided a Bitcoin (BTC) production and mining operations update for June 2023.

Key Points:

TORONTO, Ontario and BROSSARD, Québec, July 03, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provided a Bitcoin (BTC) production and mining operations update for June 2023.
To this end, we are in the final stages of completing our acquisition in Baie-Comeau, Quebec.
We mined 385 BTC and sold 346 BTC, adding 39 BTC to our treasury in June and bringing the total held at month-end to 549 BTC,” concluded Morphy.
June production of 389 BTC was 16.1% lower than the 459 BTC produced in May largely due to the temporary spike in transaction fees received in May along with one less production day.

Bitfarms Mines 459 BTC in May

Retrieved on:

Thursday, June 1, 2023

Treasury, Baie-Comeau, Miner, Paul Morphy, Mining, BTC, News, Economics, Division by two, Cryptocurrency, Bitcoin

TORONTO, Ontario and BROSSARD, Québec, June 01, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provided a Bitcoin (BTC) production and mining operations update for May 2023.

Key Points:

TORONTO, Ontario and BROSSARD, Québec, June 01, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, provided a Bitcoin (BTC) production and mining operations update for May 2023.
In addition, we continue to build liquidity and remain well-positioned to move quickly as attractive prospects for equipment and sites emerge.”
Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In May, BTC production increased 6.5% year-over-year largely due to a temporary spike in BTC transaction fees.
Mining 459 BTC and selling 414 BTC, we added 45 BTC to treasury in May, bringing the total held at month-end to 510 BTC,” concluded Morphy.
Production increased to 459 BTC, up 21.1% from April, as energy curtailment in Quebec fully subsided and an additional day of production was gained with 31 days in the month of May.

Canadian Paralympic Committee and CBC/Radio-Canada to showcase live coverage of 2022 Para Cycling Road World Championships, August 13-14

Retrieved on:

Wednesday, August 10, 2022

Cycling Canada is sending a team of 15 Para cyclists to the event, including Paralympic medallists Keely Shaw, Shelley Gautier, Marie-Claude Molnar, and Charles Moreau.

Key Points:

Cycling Canada is sending a team of 15 Para cyclists to the event, including Paralympic medallists Keely Shaw, Shelley Gautier, Marie-Claude Molnar, and Charles Moreau.
"Competing at a world championships is always a big moment and even more so this year being home in Canada!"
"We are so pleased to be supporting additional coverage of the Para Cycling Road World Championships through the Paralympic Super Series," said Karen O'Neill, CEO, Canadian Paralympic Committee.
This has included world championships and other major competitions in sports like Para swimming, Para cycling, wheelchair basketball, wheelchair rugby, Para ice hockey, Para athletics, Para alpine skiing, and Para nordic skiing.

Paper Excellence acquisition of Resolute should mean growth and stability for Canadian forestry workers

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Thursday, July 7, 2022

Amos, Review, Social justice, Acquisition, Assistant, Competition, Paper Excellence, Resolute, Baie-Comeau, National, Resolute Forest Products, Employment, Private sector, Competition Bureau, Intention, Wood, Unifor

TORONTO, July 6, 2022 /CNW/ - Unifor sees the Paper Excellence Groups' acquisition of Resolute Forest Products as a signal the company intends to maintain and grow its presence in Canadian forestry, which is a good sign for Canadian forestry workers.

Key Points:

TORONTO, July 6, 2022 /CNW/ - Unifor sees the Paper Excellence Groups' acquisition of Resolute Forest Products as a signal the company intends to maintain and grow its presence in Canadian forestry, which is a good sign for Canadian forestry workers.
"Paper Excellence Group's announcement underscores its intention to maintain employment levels as they are and we hope that this will be the case," said Daniel Cloutier, Unifor's Quebec Director.
There remain questions about how this acquisition will impact Unifor members, particularly those facing layoffs at idled Resolute mills in Amos and Baie-Comeau, Quebec.
Unifor is Canada's largest union in the private sector, representing more than 315,000 workers in every major area of the economy, including 23,000 in the forestry sector.