Bitfarms raises Q3 hashrate target to 6.3 EH/s with added Baie-Comeau facility

Bitfarms closed the acquisition of its newest farm in Baie-Comeau, Quebec and immediately started production at the site. As a result, Bitfarms increased its target hashrate to 6.3 EH/s by the end of Q3. Bitfarms acquired an evergreen contract with the local utility in Baie-Comeau for 22 MW of hydro power, which included a 10-year lease in an industrialized area with the option to purchase at a fixed price throughout the lease term. Total consideration was $1.9M, with $750K, or 40% paid in cash, and 820,837 Bitfarms’ common shares, or 60%, issued at a price of $1.38/share.