Bitfarms Exceeds 2 Exahash/Second, Doubling its Hashrate in Eight Months

TORONTO, Ontario and BROSSARD, Québec, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, received and installed 1,500 Bitmain S19j Pro miners in November, increasing its hashrate to

exceed 2 Exahash per second (EH/s).

“Bitfarms reached the important milestone of 2 EH/s in a mere eight months compared to the 3 years and 10 months that it took us to attain 1 EH/s,” said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “Doubling our corporate hashrate in a matter of months is a tremendous accomplishment. This is a testament to the incredible operations teams Bitfarms and our wholly owned electrical engineering subsidiary, Volta Électrique, have developed over the last four years of continuous operation. Doing so in the same time that the Bitcoin network has only grown approximately 12% means that Bitfarms has accumulated a larger share of the network hashrate and Bitcoin mining rewards.”

“In 2022, we expect to ramp our hashrate even faster. Bitfarms is already one of the largest Bitcoin miners, not just in North America, but globally. As we continue to execute on our expansion plans, we expect to continue to outpace Bitcoin network growth to drive even higher Bitcoin production numbers throughout 2022,” concluded Grodzki.

Miner Update

1,879 Bitmain S19J Pro miners received and installed in October.

300 MicroBT M30S miners received and installed in October.

1,500 Bitmain S19j Pro miners received and installed to date in November.

2,701 Bitmain S19j Pro miners en route and scheduled to be received and installed throughout the remainder of November.

400 MicroBT M30S miners en route and scheduled to be received and installed throughout the remainder of November.

48,000 MicroBT miners purchased and scheduled for delivery in 2022.