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Bitfarms | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement · Jan 24 16:05

BITF -3.38%

Summary by Moomoo AI

On January 24, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced the completion of a land purchase in Yguazu, Paraguay, for a new 100 MW production facility. This move is part of a transformative fleet upgrade aimed at achieving a corporate hashrate of 21 EH/s by the end of 2024. The land is strategically located near the Itaipú Dam, one of the world's largest hydropower dams, which will provide the facility with low-cost renewable energy. Over 85% of Bitfarms' operations will utilize green energy once the Yguazu facility is operational. The construction of the Yguazu farm is expected to be completed in the second half of 2024, aligning with the company's miner redeployment strategy and the potential exercise of an option to purchase additional Bitmain T21 miners. Bitfarms' President and CEO, Geoff Morphy, emphasized the project's alignment with the company's commitment to cost management, energy efficiency, and shareholder returns, particularly in anticipation of the upcoming Bitcoin Halving event.

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This announcement is a separate document:

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