Bitfarms Reaches 660 Petahash of Installed Computing Capacity and Announces Executive Appointment
TORONTO & BROSSARD, Québec--(BUSINESS WIRE)-- Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF), is pleased to announce that it has completed the installation of 2,500 new generation A10 Avalon miners at its Sherbrooke computing centre. The Company is also pleased to announce the appointment of Mathieu Vachon, a Founder of Bitfarms, to Executive Vice President, Technology and Operations to reflect his enhanced leadership role within the Company.
With the installation of the Avalon miners, delivery of which was announced on September 19, 2019, Bitfarms’ total installed computing power has grown to approximately 660 petahash per second consuming 49.5 megawatts (“MW”) of green surplus energy. We expect to continue optimizing performance of these machines over the next few weeks.
“The infrastructure build and installation of miners at our newest and largest computing centre has been a success” commented Mathieu Vachon, Executive Vice President, Technology and Operations at Bitfarms. “Our vertically integrated business model has allowed us to quickly and efficiently expand our computational power, and our operational efficiency has improved to ~13.3 petahash per MW.”
Wes Fulford, CEO of Bitfarms added “Mathieu has over 20 years of experience in designing, developing, and scaling software and hardware internet technology solutions. His expertise has been instrumental in the Company’s growth. Including the Avalon miners, we have completed the successful installation of 7,600 new generation miners, the deliveries of which were announced in September.”
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.
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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 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, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility in digital currency prices and the resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the Provinces of Canada.
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Source: Bitfarms Ltd.
Released October 18, 2019