Bitfarms Establishes Several Computing Centres in Sherbrooke, Outlining a $250M Investment and 250 New Jobs
TEL AVIV, Israel and MONTREAL, March 08, 2018 (GLOBE NEWSWIRE) -- Blockchain Mining Ltd. (“BLCM” or the “Company”) (TASE:BLCM) (OTC:BITFY) is pleased to announce that Backbone Hosting Solutions Inc., operating under the commercial brand “Bitfarms”, is establishing several new computing centres utilizing blockchain technology in Sherbrooke, with a staged investment plan totalling $250 million.
Bitfarms’ Sherbrooke facilities will ultimately make it possible for the company to quadruple the computing power of current operations, and to increase its workforce in Quebec from 80 to 330 employees by the end of 2018.
“This facility cements Bitfarms’ role as a leader amongst North American computing centres using blockchain technology,” stated company president Pierre-Luc Quimper.
Bitfarms, a Quebec-based company, has generated substantial profits in only a few months of operations, without the help of government grants. In the coming months, nearly 200 permanent, full-time, well-paying jobs will be created, including positions such as engineers, technicians, electricians, systems administrators, security managers and security staff. Approximately 50 of these employees will be hired immediately to upgrade and develop the different sites where Bitfarms plans to do business. These new facilities are in addition to other centres operated by Bitfarms in Saint-Hyacinthe, Farnham, Notre-Dame-de-Stanbridge, Cowansville and Magog.
“Our outstanding operational expertise and state of the art blockchain technology computing centres have positioned us as a leader, despite global competition. Our facilities and processes comply with sustainable development principles. Our employees are some of the most highly qualified in the international market,” explained Quimper.
To guarantee the success of this investment, Bitfarms has entered into six hydropower purchasing agreements with Hydro-Sherbrooke, totaling 98 megawatts.
“We’re lucky to be operating in Quebec where we are able to rely on a clean, renewable source of energy to support the development of the infrastructure needed for blockchain, a technology that is revolutionizing the way we trade. It’s the industry of the future – one that will transform relationships between businesses and consumers,” added Quimper.
Bitfarms plans to engage in load-shedding during peak winter heating periods when requested to do so by Hydro-Sherbrooke, using surplus power when electricity consumption falls.
The choice of Sherbrooke is strategic, in that it gives Bitfarms access to a qualified labour force with degrees from technical schools and the Université de Sherbrooke.
Sherbrooke Mayor Steve Lussier highlighted the significant economic impact Bitfarms’ facilities would have on his city.
“We’re very pleased that Bitfarms is coming to Sherbrooke. The entire population of Sherbrooke will benefit from this innovative, growing tech company because of its positive economic impact on Sherbrooke. I would like to thank the company’s management team for their confidence, and to assure them of our collaboration in their success,” declared Mayor Lussier.
Josée Fortin, the General Director of Sherbrooke Innopole, pointed to the quality of work and spirit of cooperation demonstrated by the managers of the public authorities and Bitfarms. “We have succeeded in developing an effective agreement that will create jobs and benefit the region.”
About Blockchain Mining Ltd.
Blockchain Mining Ltd. (TASE:BLCM) (OTC:BITFY) through its pending transaction with Backbone Hosting Solutions Inc. (Bitfarms) will own and operate blockchain farms that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as bitcoin, bitcoin cash, ethereum, litecoin, and dash earning fees from each network for securing and processing transactions 24/7. Since 2013, predecessors to Bitfarms have constructed 4 farms in Quebec, Canada which have 27.5 MW of installed capacity and over 200 Ph/s of installed hash-power. Bitfarms construction pipeline includes an additional 3 farms with over 100 MW of power capacity. For more information on Bitfarms, visit: www.bitfarms.io.
Completion of the business combination transaction is subject to a number of conditions. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Company’s regulatory disclosures to be prepared in connection with the transaction, any information released or received with respect to the transactions described herein may not be accurate or complete and should not be relied upon. Trading in the securities of Blockchain Mining should be considered highly speculative.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The Tel Aviv Stock Exchange has neither approved nor disapproved the contents of this press release.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about the proposed business combination, and the future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company following the business combination, the previously announced financing of Back, the timing for the implementation of the business combination, the listing of the Common Shares on stock exchanges, the potential benefits of the business combination, the likelihood of the business combination being completed, and receipt of applicable shareholder approvals, as well as Bitfarm’s ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate the current digital currency inventory, fluctuations in digital currency prices and the resulting significant negative impact on the Company’s operations, the volatility of digital currency prices, the construction and operation of blockchain infrastructure as currently planned, and no regulation or law that will prevent Bitfarm from operating its business.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of Blockchain Mining at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to uncertainties associated with the business combination; risks relating to the business combination agreement terminating in certain circumstances; risks relating to certain directors and officers of the Company possibly having interests in the business combination that are different from other shareholders; risks that other conditions to the consummation of the business combination agreement are not satisfied; global economic climate; dilution; the Corporation’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Corporation to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Corporation and the industry; network security risks; the ability of the Corporation to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future result of the business of Bitfarm include but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; the volatility of digital currency prices; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and there will be no regulation or law that will prevent Bitfarm from operating its business. The Company has also assumed that no significant events occur outside of the Bitfarm's normal course of business. Although Blockchain Mining has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Blockchain Mining undertakes no obligation to revise or update any forward-looking information other than as required by law
International Public Relations Director
Released March 8, 2018