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Bitfarms announces agreement with the City of Sherbrooke on plan to fully develop 96 MW of green Bitcoin mining infrastructure

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TORONTO and BROSSARD, Québec, Sept. 07, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq: BITF // TSXV: BITF), a publicly traded Bitcoin mining company currently powering over 1% of the Bitcoin network with greater than 99% green hydroelectricity, announces today it has reached an agreement with the City of Sherbrooke, Québec, on a comprehensive agreement to develop 96 MW of hydropower on an expedited basis. The agreement with the City advances the Company’s growth goals of 3 Exahash by first quarter 2022 and 8 Exahash by year-end 2022 while addressing residential concerns about sound emissions.

Under the agreement, Bitfarms’ current operations in the City of Sherbrooke on Rue de la Pointe will be replaced by new, high efficiency facilities with next-generation mining equipment optimized for higher output levels and lower power consumption. To address the sound level concerns, the new facilities will be situated in more remote locations and include, if required, sound monitoring equipment that allows Bitfarms to adjust operations to reduce sound levels on a real-time basis.

“This agreement is a ‘win-win-win’ for the City, its residents, and for Bitfarms,” emphasized Emiliano Grodzki, Chief Executive Officer of Bitfarms. “We regret the inconvenience to those citizens of Sherbrooke who have been affected by the noise from our Rue de la Pointe facility.  We have invested considerable resources to be attentive to their expectations and are committed to meeting with them to address their concerns. Bitfarms is dedicated to social responsibility globally and within the communities in which we operate. The City of Sherbrooke is important to us, and this agreement demonstrates our desire to work with and support our local communities as we achieve our growth goals,” added Mr. Grodzki. 

About
Bitfarms
Ltd.

Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.

Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market.

Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.

To learn more about Bitfarms’ events, developments, and online communities:

Website: www.bitfarms.com

http://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/ https://www.linkedin.com/company/bitfarms/

Defined
Terms

MW: Megawatt

Cautionary
Statement

Trading in the securities of the Company should be considered highly speculative. No stock
exchange,
securities
commission
or
other
regulatory
authority
has
approved
or
disapproved
the
information contained herein. Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange) Nasdaq, nor any
other securities exchange or regulatory authority accepts responsibility for the adequacy or
accuracy
of
this
release.

Forward-Looking
Statements

This
news
release
contains
certain
“forward-looking
information”
and
“forward-looking
statements”
(collectively,
“forward-looking
information”)
that
are
based
on
expectations,
estimates and projections as at the date of this news release and are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The information in this release
regarding expectations in respect to the procurement of miners, Company expansion plans, including relocation and construction of Bitcoin mining facilities,
and
about
future
plans and
objectives
of
the Company are forward-looking information.
The Company may also discuss “forward-looking
information” or make “forward-looking statements” in other communications by the Company,
including the conference call related to the Company’s financial results. 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 of network difficulty and digital currency prices and the
potential resulting significant negative impact on the Company’s operations, the construction
and operation of expanded blockchain infrastructure as currently planned, and the regulatory
environment
for
cryptocurrency
in
the
applicable
jurisdictions.

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
assumptions
and
estimates
of
management
of
the
Company
at
the
time
they
were
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:
market
conditions
and
other
factors
that
may
affect
the
Company’s
ability
to
utilize
the
ATM Program and the prices at which the Company may sell Common Shares in the ATM Program;
the dilutive effect of issuances of Common Shares in the ATM Program; the global economic
climate; dilution; the Company’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
Company
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 Company and the industry; network
security risks; the ability of the Company 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;
and
volatile
securities
markets
impacting
security
pricing
unrelated
to operating performance. In addition, particular factors that could impact future results of the
business
of
Bitfarms
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; an increase in network difficulty
may have a significant negative impact on operations; the volatility of digital currency prices;
the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency
mining in the applicable jurisdictions, the ability to complete current and future financings, any
regulations or laws that will prevent Bitfarms from operating its business; historical prices of
digital currencies and the ability to mine digital currencies that will be consistent with historical
prices; an inability to predict and counteract the effects of COVID-19 on the business of the
Company, including but not limited to the effects of COVID-19 on the price of digital currencies,
capital market conditions, restriction on labor and international travel and supply chains; and,
the
adoption
or
expansion
of
any
regulation
or
law
that
will
prevent
Bitfarms
from
operating
its
business, or make it more costly to do so. For further information concerning these and other
risks and uncertainties, refer to the Company’s filings on www.SEDAR.com including the annual
information form for the year ended December 31, 2020, filed on April 7, 2021. The Company
has
also
assumed
that
no
significant
events
occur
outside
of
Bitfarms’
normal
course
of
business.
Although the Company has attempted to identify important factors that could cause actual
results to differ materially from those expressed in forward-looking statements, 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 any forward-looking information. The Company undertakes no
obligation
to
revise
or
update any
forward-looking information
other
than
as
required
by
law.

Contacts

Investor Relations:

CORE IR
+1 516 222 2560
Investors@bitfarms.com

US Media:

CORE IR
Jules Abraham, Director of Public Relations
julesa@coreir.com

YAP Global
Mia Grodsky, Account Executive
mia@yapglobal.com

Québec Media:

Ryan Affaires publiques
Valérie Pomerleau, Public Affairs and Communications
valerie@ryanap.com

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