Benzinga | Jan 3, 2022 07:04AM EST

Bitfarms Mines 3,452 Bitcoin In 2021

Bitfarms Ltd. (NASDAQ:BITF, TSXV:BITF), a global Bitcoin self-mining company, provides a Bitcoin (BTC) production and operations summary and update for the month of and year ended December 2021.

"We began 2021 with an ambitious multi-year growth plan, and in executing this plan we secured nearly 60,000 new generation miners, grew our operational capacity 53%, increased our hashrate 228%, expanded our footprint internationally and mined 3,452 BTC," said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. "December production of 363 BTC was up from 199 BTC mined in January, an increase of over 82%, which significantly outpaced network hashrate growth of 29% in 2021. This momentum leads into 2022, a year in which we plan to nearly double our operational farms, triple our operating capacity and quadruple our installed hashrate. We begin 2022 with 298 MW capacity under development and hash rate goals of 3 EH/s by March 31, 2022, and 8 EH/s by December 31, 2022."

"In addition, in 2021 we began to retain virtually all of our BTC production, which strengthened our balance sheet as our BTC holdings grew to over 3,300 BTC, US$151.8 million at current market prices, and enabled us to implement our recently announced $100 million BTC-backed loan facility," added Grodzki.

Mining Production

* 2.2 EH/s achieved effective December 12, 2021, up 128% from 965 petahash per second on December 31, 2020.

* 363 new BTC mined during December 2021, bringing the 2021 total to 3,452.

* 11.5+ BTC mined daily on average in December, bringing the full year BTC mined daily on average to 9.5, equivalent to about US$437,000 per day based on a BTC price of US$46,000 on December 31.

* 3,301 BTC deposited into custody for the year 2021, representing approximately 96% of Bitfarms' 2021 BTC production and a total value of approximately US$151.8 million based on a BTC price of US$46,000.

Mining Operations

* Increased operating capacity 54% from 69 MW to 106 MW of hydropower.

* Received and installed nearly 12,000 new miners in 2021 and exited 2021 with total fleet of approximately 27,000 miners online.

* Exited 2021 with 298 MW in contracted capacity and 4 farms under development.

* Contractually secured 49,200 miners, including 1,200 latest generation Bitmain S19 XPs, for delivery in 2022.

* Rebuilt 17 MW farm in Cowansville, Qu?bec.

* Expanded into United States with acquisition of 24 MW facility in Washington state, growing the total number of operating farms from 5 to 6.

* Entered into a Memorandum of Understanding to co-develop up to an additional 75 MW in Washington state.

* Reached agreement with City of Sherbrooke, Qu?bec, to build 2 new farms, Leger and The Bunker, with 78 MW combined capacity and broke ground on construction of both farms.

* Performed construction on new 10 MW farm in Paraguay with planned installation of 3,000 miners in January.

* Signed engineering contracts and commenced construction of a 210 MW facility in Argentina.

* Rebuilt inhouse management software to accommodate international growth plans.