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Bitfarms | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  May 14 16:06
Summary by Moomoo AI
On May 14, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced a significant expansion of its operations in Paraguay. The company secured an additional 100 megawatts (MW) of hydropower capacity at its Yguazu site, doubling the site's capacity to 200 MW, with deployment scheduled for 2025. This expansion is part of a material change report filed with the Canadian Securities Regulatory Authorities and is expected to increase Bitfarms' megawatts under management by 23% in 2025, from 428 MW to 528 MW. The additional power is contracted at a low cost of approximately 3.9 cents per kWh and is not subject to annual inflationary adjustments. Construction at Yguazu began in March, with significant contracts signed, including those for major long-lead equipment and the high-voltage interconnection to the...Show More
On May 14, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced a significant expansion of its operations in Paraguay. The company secured an additional 100 megawatts (MW) of hydropower capacity at its Yguazu site, doubling the site's capacity to 200 MW, with deployment scheduled for 2025. This expansion is part of a material change report filed with the Canadian Securities Regulatory Authorities and is expected to increase Bitfarms' megawatts under management by 23% in 2025, from 428 MW to 528 MW. The additional power is contracted at a low cost of approximately 3.9 cents per kWh and is not subject to annual inflationary adjustments. Construction at Yguazu began in March, with significant contracts signed, including those for major long-lead equipment and the high-voltage interconnection to the ANDE substation and transmission line. Bitfarms' Chief Mining Officer, Ben Gagnon, stated that this expansion aligns with the company's growth path and will not impact the 2024 target of 21 EH/s. The company's growth in Paraguay, including the new Paso Pe and Yguazu farms, represents a total of 270 MW of infrastructure expansion. Bitfarms operates 11 Bitcoin mining facilities with two under development across Canada, the United States, Paraguay, and Argentina, focusing on environmentally friendly hydro-electric power and sustainable energy infrastructure.

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