Bitfarms Announces Corporate Update and Stock Option Grant

Bitfarms Ltd. today announces that delivery has been made of 1,847 WhatsMiner M20S and installation will be completed within the next 2 to 3 days. As announced on June 1, 2020, the new equipment was funded from internally generated cash flow. Once fully operational, the mining hardware is expected to add approximately 133 petahash per second (“PH/s”) to the Company’s installed computing power and improve computing efficiency to over 15 PH per megawatt (“MW”). Each WhatsMiner M20S miner produces an average of 72 terahash per second of computing capacity while consuming approximately 3.46 kWh of energy, or 48 joules per terahash. The M20S miners will utilize, in aggregate, approximately 6.4 megawatts (“MW”) of electricity. This equipment will further extend the Company’s position as the most efficient publicly traded cryptocurrency miner in Canada in terms of computing power relative to electricity consumption.

In addition, pursuant to the Company’s shareholder approved Stock Option Plan, stock options have been granted to certain officers, directors and employees of the Company to purchase 2,600,000 Common shares of the Company at an exercise price of $0.36 per share for a term of five years with service based vesting provisions to support retention. Following the grant of stock options, the Company has a total of 9,552,500 options outstanding representing approximately 11.3% of the outstanding common shares of the Company.

Source : Bitfarms Ltd.

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