Bitfarms sells de la Pointe assets for $3.6 million in net proceeds | Daily News Byte

Bitfarms sells de la Pointe assets for .6 million in net proceeds

 | Daily News Byte

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Bitfarms Ltd.

Bitfarms Ltd.

Societe de transport de Sherbrooke uses electric infrastructure for its green mobility initiative to create new eco-friendly buses and bikes

This press release constitutes a “purported news release” for purposes of the Company’s August 16, 2021 prospectus supplement to its short form base prospectus dated August 12, 2021.

TORONTO and BROSSARD, Quebec, December 16, 2022 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAK: BITF // TSKS: BITF), a global independent bitcoin mining company, has completed the sale of its de la Pointe assets, receiving $3.6 million in net proceeds.

“Today we completed the sale of our de la Pointe location and received net cash proceeds of US$3.6 million, as expected,” said Jeff Morphy, Bitfarms President and CEO. “After an extensive analysis and competitive process, the Societe de transport de Sherbrooke (STS) emerged as the successful bidder for the purchase of this facility, and it is a pleasure that Sherbrooke’s transportation agency can use our electrical infrastructure with green energy produced by Hydro Quebec and co Hydro Sherbrooke to meet the needs of the community. We are also pleased that we were able to close our de la Pointe facility and build our new locations ahead of schedule, which is an important milestone for us and the local residents of Sherbrooke.”

“As part of our green mobility initiative, this new facility will benefit all of our citizens with green bus transportation and electric-assisted bike sharing scheduled to begin in the summer of 2023,” said Mark Deno, STS President. “Located close to our existing facilities, this purchase is a natural extension of our business, and Bitfarm’s electrical enhancements are a perfect fit for our needs.” For STS, this agreement demonstrates a successful partnership with Bitfarms, which is completing the relocation of its bitcoin mining operation to an industrial area in the city of Sherbrooke. The process went smoothly and we are pleased that it was completed several months ahead of schedule.”

About Bitfarms doo

Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF ) independent bitcoin mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service and on-site technical repairs. The company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms has 10 mining facilities in production worldwide, located in four countries: Canada, United States, Paraguay and Argentina. Powered by predominantly environmentally friendly hydropower and long-term electricity contracts, Bitfarms is committed to using renewable, locally based and often underutilized energy infrastructure.

To learn more about Bitfarms events, development and online communities:

Website: www.bitfarms.com

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

Warning statement

Trading in the Company’s securities should be considered highly speculative. No stock exchange, securities commission or other regulatory body has approved or disapproved of the information contained in this document. Neither the Toronto Stock Exchange, Nasdaq, nor any other securities exchange or regulatory body accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as of the date of this release and are covered by safe harbors under Canadian and US securities laws. Statements and information in this release regarding the sale of the de la Pointe property and the benefits of this transaction to the Company, the City of Sherbrooke and the Company’s working relationship with the City of Sherbrooke, as well as the Company’s other future plans and objectives are forward-looking information. Other forward-looking information includes, but is not limited to, information regarding: the Company’s intentions, plans and future actions, as well as Bitfarms’ ability to successfully mine digital currency, revenue increases as currently expected, the ability to profitably liquidate current and future inventory digital currencies, the volatility of network difficulty and the price of digital currency and the potential material adverse effect on the Company’s business, the construction and operation of the expanded blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrencies in applicable jurisdictions.

Any statements that include discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects,” or “does not expect,” “expects ” , “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “anticipates”, “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” occur or will be achieved) are not statements of historical fact and may be forward-looking information aim to identify the future – seeking information.

This forward-looking information is based on the assumptions and estimates of the Company’s management at the time it is made, and involves known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements 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 related to: the global economic climate; dilution; the Company’s limited business history; future capital needs and the uncertainty of additional financing, including the Company’s ability to take advantage of the Company’s offering in the market (the “ATM Program”) and the prices at which the Company may sell common stock in the ATM Program, as well as capital market conditions in general; risks related to the strategy of maintaining and increasing Bitcoin holdings and the impact of Bitcoin price depreciation on working capital; the competitive nature of the industry; foreign exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and the need for continuous technology change; the ability to maintain reliable and economical sources of energy to run its cryptocurrency mining assets; the impact of energy reductions or regulatory changes in energy regimes in the jurisdictions in which the Company operates; protection of property rights; the effect of government regulation and compliance on the company and the industry; network security risks; the Company’s ability to maintain properly functioning systems; reliance on key personnel; global economic and financial market deterioration that impedes access to capital or increases the cost of capital; stock dilution resulting from the ATM program and other stock issuances; and volatile securities markets that affect security prices unrelated to operating performance. In addition, certain factors that could affect Bitfarms’ future results of operations include, but are not limited to: construction and operation of facilities may not occur as currently planned, or at all; the expansion may not materialize as currently expected or may not materialize at all; digital currency market; the possibility of successful mining of digital currency; revenue may not increase as currently expected 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 business; an increase in network difficulty may have a significant negative impact on operations; digital currency price volatility; the expected growth and sustainability of hydroelectric power for cryptocurrency mining purposes in applicable jurisdictions; the inability to maintain reliable and economical sources of energy for the Cryptocurrency Mining Asset Management Company; the risks of an increase in the Company’s electricity costs, natural gas prices, currency exchange rate changes, energy reductions or regulatory changes in energy regimes in the jurisdictions in which the Company operates and a negative impact on the Company’s profitability; the ability to complete current and future financing, any regulations or laws that will prevent Bitfarms from conducting its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; the inability to predict and mitigate the effects of COVID-19 on the Company’s operations, including, but not limited to, the effects of COVID-19 on the price of digital currencies, capital market conditions, labor restrictions and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from doing its business, or make it more expensive to do so. For further information regarding these and other risks and uncertainties, see the company’s filings at www.SEDAR.com (which are also available on the US Securities and Exchange Commission’s website at www.sec.gov), including the annual information form for the year ended December 31, 2021, filed on March 28, 2022. The Company has also assumed that no significant events occur outside of the ordinary course of Bitfarms’ business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, there may be other factors that cause results not to be as expected, estimated or planned. 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 except as required by law

.

Contacts:

LHA Investor Relations
David Barnard
+1 415-433-3777
Investors@bitfarms.com

Actual Agencies
Matt Weaver
+1 339-234-3332
mediarelations@bitfarms.com

Quebec media: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca



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