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Seeking Alpha 2021-06-10 12:06:27

Bitfarms adds 1K+ mined bitcoin to treasury, YTD

Bitfarms (BFARF) reported that since commencing its Bitcoin Inventory Pilot Program in early January 2021 it is adding almost all newly mined Bitcoins to its balance sheet.In 2021, through the close of business on June 9, Bitfarms has added 1,114 mined Bitcoin to treasury which is currently worth $41M+ based on a Bitcoin price of $37K.The company estimates that it has mined largest amount of bitcoin with renewable energy.As the hashrate of Chinese miners falls due to China restricting bitcoin mining in certain provinces, Bitfarms has earned higher transaction fees and increased its share of the total Bitcoin network hashrate."Due to the addition of new and more efficient miners to our fleet, we expect to more than double our installed hashrate from now until the end of the year," CEO Emiliano Grodzki commented.

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