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Bitfarms Announces Lease Financing for 1,000 New Generation Miners

August 21, 2020, 07:05 AM
Filed Under: Industry News

Bitfarms Ltd. announced it has entered into an equipment lease with BlockFills for 1,000 WhatsMiner M31S+ miners to be delivered and installed in approximately two weeks. BlockFills is the first electronic, off exchange, digital liquidity provider, operating an electronic communication network model.

The equipment lease with BlockFills has a term of 24 months and carries an implicit annual interest rate of 12 percent. The lease also includes a bargain purchase option which when exercised will transfer ownership of the equipment to Bitfarms at end of the lease term for a nominal amount. Bitfarms will make weekly lease payments that will fully retire the capitalized cost of the miners over the term of the lease.

Each WhatsMiner M31S+ miner produces an average of 82 terahash per second of computing power while consuming approximately 3.44 kWh of energy, or 42 joules per terahash. The mining hardware is expected to be fully operational within two weeks and will add approximately 82 petahash per second to the Company's installed computing power as well as consuming approximately 3.4 megawatts ("MW") of electricity. The new equipment will improve the company’s computing efficiency to approximately 17 PH per MW further extending Bitfarms’ position as the most efficient publicly traded cryptocurrency miner in Canada in terms of computing power relative to electricity consumption.

“We are also pleased to partner with BlockFills to lease 1,000 new generation miners, especially during this period when available mining equipment inventory is low. Bitfarms is working with BlockFills to enter into further lease financing over the next few weeks that will allow the Company to add even more operational capacity. Given the recent rise in Bitcoin prices, Bitfarms is well-positioned as mining economics continue to improve after the Bitcoin Halving this past May and we are excited to be able to continue with the execution of our growth strategy,” said Emi Grodzki, Interim CEO of Bitfarms.

Bitfarms owns and operates computing centers that power the global decentralized financial economy. Bitfarms provides computing power to cryptocurrency networks such as Bitcoin, earning fees from each network for securing and processing transactions. Bitfarms operates five computing centers in Québec, Canada.

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