Bitfarms Ltd.

Description

Bitfarms Ltd is a vertically integrated bitcoin mining firm engaged in the global capital market industry.

The Toronto-based firm was founded in 2017 and got listed on junior trading platform, TSX Venture Exchange in July 2019. Its common stocks trade under the ticker symbol of ‘BITF’. In addition, the bitcoin mining firm is also listed on the OTC Market under the ticker ‘BFARF’.

Recently in May 2021, Bitfarms passed the DTC eligibility criteria to list its shares on the NASDAQ Stock Market and started trading on June 21, 2021, under ‘BITF’ as ticker.

The blockchain farm owner is engaged in mining of bitcoins and other cryptocurrencies such as Bitcoin Cash, Ethereum, Litecoin and Dash.

In addition, its offers various services such as:
• onsite monitoring and repair lab
• electrical contractors that offer electric engineering and installation services
• proprietary data analytics

The Toronto-based Bitcoin mining company holds a diversified portfolio of five industrial-scale production facilities in Quebec, Canada:
• Farnham (on lease) with a power capacity of ten megawatt
• Saint-Hyacinthe (on lease) with a power capacity of fifteen megawatt
• Cowansville (on lease) with a power capacity of four megawatt
• Magog Facility (on lease) with a power capacity of ten megawatt
• Sherbrooke 1&2 Facility (owned and leased ) with a power capacity of thirty megawatt

All the production facilities are sources of energy requirements through 100 per cent renewable hydroelectricity. Blockchain computing farms power the decentralized financial economy worldwide and provide computing power to the network of digital currencies.

Bitfarms Ltd. operates through two segments: Backbone division and Volta division.
Backbone division manages the server farms that enable the validation and verification of cryptocurrency transactions and other associated cryptocurrency services. The company generates a majority of revenue from this segment

Volta division offers electric and engineering services to commercial and residential sectors across Quebec. Since its inception, Bitfarms Ltd. mined more than 11,300 bitcoins with renewable energy sources in North America.

On May 28, 2021, the company reported that this year, it mined and deposited 1,006 bitcoins in custody, currently valuing US$ 39 million with 100 percent hydroelectric power.