Bitfarms provides September 2024 production and operations update

Bitfarms announced its monthly production report for September. On September 13, Bitfarms announced a hosting agreement with Stronghold Digital Mining that will accelerate the deployment of 10,000 Bitmain T21 miners which will bring an immediate anticipated increase of ~2.2 EH/s to Bitfarms’ operational capacity when deployed. On September 23, Bitfarms entered into a settlement agreement with Riot Platforms in advance of the Special Meeting of Bitfarms Shareholders. The Special Meeting, originally scheduled to be held on November 6, has been rescheduled to November 20. Bitcoin difficulty increased 1.2% in the month. As a result, September mining operations generated 217 BTC compared to 233 BTC in August. September 2024 operating highlights include: 11.3 EH/s operational at September 30, 2024, up 85% Y/Y; 10.3 EH/s average operational, up 78% Y/Y and down 1% M/M; 21.1 BTC/average EH/s, down 6% from the previous month due to the increase in average network difficulty; 217 BTC earned, 7% lower M/M and 47% lower Y/Y; 7.2 BTC earned daily on average, equal to ~$461K per day based on a BTC price of $64K at September 30. Sold 173 of the 217 BTC earned for total proceeds of $10.5M. Total liquidity of $146M, including $73M in cash at September 30. Added 44 BTC, bringing Treasury to 1,147 BTC, up from 1,103 BTC last month and representing $73.4M based on a BTC price of $64K at September 30, 2024. The employment dispute with the former CEO has been settled.