This information launch constitutes a “designated information launch” for the needs of supplementing the Firm’s August 16, 2021 prospectus to the quick type base shelf prospectus of August 12, 2021.
TORONTO, Ontario and Brossard, Quebec, November 04, 2022 (Globe Newswire) — bitfarms (NASDAQ/TSX:BITF), A publicly traded, self-mining, vertically built-in bitcoin mining firm has suggested its electrical energy settlement with Hydro-Québec and expects its present and future bitcoin manufacturing to proceed with out disruption for the foreseeable future. Will keep
Bitfarms famous that on November 3, 2022, an article titled “Canadian Power Supplier Hydro-Quebec Proposes Stopping Electrical energy Provide to Blockchain Business” had unfold misinformation, ensuing within the fast unfold of misinformation on media networks and social media. Was being The article falsified Hydro-Québec’s lately submitted ten-year provide plan, saying that the plan advocates the cessation of electrical energy for current mining operations.
Bitfarms has invested over CAD$350 million in Quebec since its inception and presently employs over 100 workers. The corporate continues to develop its operations in Quebec and is including extra jobs throughout the area. As such, Bitfarms believes it’s vital to reply to the false implication of the article.
About Bitfarms Ltd.
Based in 2017, Bitfarms is a world, publicly traded (NASDAQ/TSX: BITF) bitcoin self-mining firm. Bitfarms runs vertically built-in mining operations with in-house administration and company-owned electrical engineering, set up service and onsite technical restore. The corporate’s proprietary information analytics system delivers best-in-class operational efficiency and fast uptime.
Bitfarms has 10 mining services in operation and improvement manufacturing world wide, positioned in 4 international locations: Canada, the US, Paraguay and Argentina. Primarily pushed by environmentally pleasant hydro-electric and long-term energy contracts, BitFarm is dedicated to utilizing renewable, domestically primarily based, and infrequently low-energy infrastructure.
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Buying and selling in Firm securities must be thought of extremely speculative. The data contained herein has not been accepted or disapproved by any inventory alternate, securities fee or different regulatory authority. Neither the Toronto Inventory Trade, Nasdaq, or every other securities alternate or regulatory authority accepts accountability for the adequacy or accuracy of this launch.
This information launch comprises sure “forward-oriented info” and “forward-looking statements” (collectively, “future-oriented info”) which can be primarily based on and are primarily based on expectations, estimates and estimates as of the date of this information launch. Port underneath the securities legal guidelines of Canada and the US. The assertion and knowledge on this launch concerning the standing of energy agreements with Hydro-Québec, the supply of electrical energy within the province of Quebec to function and develop operations and different future plans and goals of the Firm is forward-looking info. Different forward-looking info contains, however isn’t restricted to, info regarding: the corporate’s intentions, plans and future actions, in addition to Bitfarms’ capability to efficiently mine the digital forex, presently projected income progress, profitably The potential for liquidation from present and future digital forex inventories, community issue and volatility of digital forex costs and the potential ensuing important adverse impression on firm operations, constructing and working expanded blockchain infrastructure as presently deliberate, and relevant jurisdictions The regulatory setting for cryptocurrencies in
any assertion that features predictions, expectations, beliefs, plans, projections, goals, assumptions, dialogue concerning future occasions or efficiency (typically however all the time utilizing phrases comparable to “expects” or “doesn’t anticipate”, “anticipated” “estimates” or “doesn’t anticipate”, “plans”, “budgets”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or penalties “may” or “may very well be”, “can be”, “is perhaps” or “will probably be” will probably be taken to occur or obtain) not statements of historic reality are and could also be forward-looking info and are meant to establish forward-looking info.
This forward-looking info relies on the corporate’s administration’s estimates and estimates on the time they had been made, and contains identified and unknown dangers, uncertainties and different elements that would trigger the corporate’s precise outcomes, efficiency or achievements to exist. materially totally different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such elements embrace, amongst others, dangers associated to: the worldwide financial setting; dilution; Restricted working historical past of the corporate; The uncertainty of future capital wants and extra financing, the Firm’s capability to make use of the Firm’s market providing (“ATM Program”) and the costs at which the Firm could promote frequent shares within the ATM Program, in addition to capital. market circumstances on the whole; The impression of declining bitcoin worth on danger and dealing capital associated to methods for sustaining and growing bitcoin holdings; the aggressive nature of the trade; forex alternate danger; the necessity for the corporate to handle its deliberate progress and enlargement; The impression of product improvement and the necessity for steady expertise change; the flexibility to take care of dependable and economical sources of electrical energy to energy your cryptocurrency mining belongings; the impact of power cuts or regulatory modifications in power methods throughout the jurisdiction of the Firm’s operations; safety of possession rights; the impression of presidency regulation and compliance on the corporate and trade; community safety dangers; the corporate’s capability to take care of correctly functioning methods; dependency on key personnel; decline in international financial and monetary markets hindering entry to capital or growing the price of capital; dilution of shares because of the ATM program and different fairness issuances; and unstable securities markets that have an effect on safety pricing unrelated to working efficiency. As well as, particular elements that will have an effect on the long run outcomes of Bitfarms’ enterprise embrace, however aren’t restricted to: the development and operation of services could or could not presently go as deliberate; Growth could or might not be anticipated at current; digital forex market; Means to efficiently mine digital forex; Income could not develop as anticipated or in any respect at current; It might not be attainable to liquidate the present digital forex stock, or profitably in any respect; A decline in digital forex costs might have a big adverse impression on operations; A rise in community issue can have a big adverse impression on operations; volatility of digital forex costs; the anticipated progress and sustainability of hydropower for the needs of cryptocurrency mining within the relevant jurisdictions; Lack of ability to take care of dependable and economical sources of electrical energy for the corporate to function cryptocurrency mining belongings; Dangers of a rise within the Firm’s electrical energy prices, pure gasoline prices, modifications in forex alternate charges, power cuts or regulatory modifications within the power regime throughout the Firm’s jurisdiction over the Firm’s operations and adversarial results on the Firm’s profitability; present and future funding, the flexibility to satisfy any guidelines or laws that may forestall BitFarm from conducting its enterprise; Historic costs of digital currencies and the flexibility to mine digital currencies that correspond to historic costs; Lack of ability to foretell and counteract the consequences of COVID-19 on the Firm’s enterprise, together with, however not restricted to, the consequences of COVID-19 on the value of digital currencies, capital market circumstances, labor and restrictions on worldwide journey and provide chain isn’t restricted to. , and, the adoption or enlargement of any regulation or laws that may forestall Bitfarms from conducting its enterprise, or would make it dearer to take action. For extra info concerning these and different dangers and uncertainties, consult with the corporate’s filings. www.SEDAR.com (additionally accessible on the US Securities and Trade Fee web site www.sec.gov), together with the Annual Data Kind filed on March 28, 2022, for the yr ended December 31, 2021. The corporate additionally acknowledges that no important occasions happen exterior the conventional course of enterprise of Bitfarms. Though the Firm has tried to establish important elements that would trigger precise outcomes to vary materially from these expressed within the forward-looking statements, there could also be different elements that trigger the outcomes to be anticipated, anticipated or not meant. No assurance will be provided that such statements will probably be correct as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on any forward-looking info. The Firm undertakes no obligation to revise or replace any forward-looking info besides as required by legislation.
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