Bitfarms reported impressive Q3 2021 results, with revenues soaring to $44.8 million, a 559% increase from Q3 2020. The company achieved a record net income of $23.7 million, contrasting a net loss of $4.8 million in the same quarter last year. Bitcoin production rose to 1,051 BTC, up 38% from the previous quarter, while production costs decreased to $6,900/BTC. With a total liquidity of $144.5 million and strategic growth plans, Bitfarms is positioned for continued expansion.
Bitfarms Ltd. has successfully received and installed 1,500 Bitmain S19j Pro miners, raising its total hashrate to over 2 Exahash per second (EH/s), a significant milestone achieved in just eight months. This increase underscores the company's rapid growth in Bitcoin mining, particularly as the Bitcoin network has grown only 12% during that time. Bitfarms anticipates further acceleration in hashrate expansion in 2022, aiming to boost Bitcoin production while maintaining a strong position in the global market. Future deliveries include an additional 2,701 miners.
Bitfarms Ltd. has acquired a 24 Megawatt (MW) hydro power farm in Washington state for US$26 million, enhancing its mining capacity to 106 MW. This facility will house 6,200 Bitmain S19j Pro miners, yielding nearly 3.7 bitcoin daily at a cost of approximately US$4,000 per bitcoin. The power costs are expected to be 25% lower than its existing operations in Québec. Additionally, Bitfarms has signed a Memorandum of Understanding to co-develop more farms, potentially expanding capacity to 99 MW in Washington.
Bitfarms Ltd. has announced a virtual presentation at the Ladenburg Thalmann Virtual Technology Expo on November 18, 2021, at 11:30 AM ET. CFO Jeff Lucas and President Geoffrey Morphy will lead the session. The expo will showcase around 50 tech companies, focusing on areas like blockchain and bitcoin mining. As a global leader in Bitcoin self-mining, Bitfarms operates eco-friendly facilities powered largely by hydroelectric energy. The company is also notable for being publicly traded and audited by a Big Four accounting firm.
Bitfarms Ltd. provides a Bitcoin production update highlighting a significant increase in its BTC holdings and hashrate. In October 2021, the company mined 343 BTC, raising total BTC holdings to over 2,640 BTC. The hashrate reached a record 1.8 EH/s, with expectations to exceed 2 EH/s in November. In the first ten months of 2021, 2,750 BTC were mined, averaging over 11 BTC daily, valued at approximately US$160 million. Bitfarms is expanding its infrastructure with new facilities in Paraguay and Argentina.
Bitfarms Ltd. (NASDAQ: BITF) will announce its fiscal Q3 2021 financial results on November 15, 2021, post-market. A conference call is scheduled for the same day at 5:30 p.m. ET, allowing for an interactive Q&A session where pre-submitted questions will be addressed. Participants can register via a provided link, and those unable to pre-register may dial in directly. A replay of the call will be accessible after its conclusion through January 15, 2021, along with a presentation of the financial results available in the 'Investors' section of the company’s website.
Bitfarms Ltd., a global Bitcoin mining firm, is expanding its operations with two new facilities in Sherbrooke, Québec, set for completion in phases during 2022. These facilities will add 78 MW of capacity, accommodating 21,000 new Bitcoin miners and generating about 2.1 EH/s. Utilizing cost-effective hydro power at only US$0.04 per kWh, the expansion aims to enhance Bitfarms’ overall mining capacity to 3 EH/s by Q1 2022 and 8 EH/s by end of 2022. The project reflects Bitfarms' commitment to sustainable and decentralized mining operations.
Bitfarms Ltd. has commenced construction on a new Bitcoin mining facility in Argentina, enhancing its global production capacity at a low-cost rate of US 2.2 cents per kilowatt hour. The facility is designed to host over 55,000 miners, including the latest MicroBT models, and is anticipated to add up to 210 megawatts of infrastructure by 2022. This strategic expansion aligns with the company's goal of reaching 8 exahash per second mining capacity by year-end 2022. Collaborating with experienced construction firms, Bitfarms aims to improve profit margins and operational efficiency.
Bitfarms Ltd. has expanded its Cowansville, Québec facility, increasing its capacity from 4 MW to 17 MW. The company has installed 450 Bitmain S19j Pro miners, raising its corporate hashrate to approximately 1.6 EH/s, up from 1.5 EH/s. This expansion represents a 19% increase in Bitfarms' operational mining infrastructure in Québec, now totaling 82 MW. With plans for further growth, Bitfarms aims to reach 3 EH/s by Q1 2022 and 8 EH/s by the end of 2022.
Bitfarms (NASDAQ: BITF), a leading Bitcoin mining company, reported a 38% increase in Bitcoin production, reaching 1,050 BTC in Q3 2021. This marks the company's highest quarterly production this year, with a total of over 2,300 BTC valued at approximately US $100 million. The company has been enhancing its mining capabilities and plans to increase its hashrate to 3 EH/s by Q1 2022, aiming for 8 EH/s by year-end 2022. The recent supply chain issues have slightly delayed miner deliveries, but overall growth appears strong.