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Author: Admin | 2025-04-28
Bitfarms leverages Foundry’s suite of offerings to purchase and finance the latest generation of Bitcoin mining machines that commenced operations on April 23, 2021.ROCHESTER, N.Y., April 23, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (“Bitfarms”) (TSXV:BITF / OTC:BFARF), and Foundry Digital LLC (“Foundry"), a wholly-owned subsidiary of Digital Currency Group (DCG) focused on digital asset mining and staking, jointly announce Bitfarms’ purchase of 2,465 Whatsminer M30S Bitcoin mining machines through Foundry’s services, among other updates. Foundry Partnership Of the 2,465 machines, the first 1,465 were previously installed in Bitfarms’ Sherbrooke facility in Q3 2020 for hosting. With the purchase of these machines, Bitfarms has ended its last hosting agreement and returned 100% of installed power capacity for its own Bitcoin production. Collectively, these machines have increased Bitfarms’ operating hashrate by 133 PH/s. The global chip shortage and Bitcoin’s rising price continue to squeeze the supply of Bitcoin mining machines. Standard lead times for orders of latest generation machines currently range from 8 - 12 months and require down payments of 50-100% of the purchase price. In light of this, Foundry, the market leader for mining equipment financing in North America, has formed strategic partnerships with the world’s leading Bitcoin mining manufacturing companies to secure earlier access to machines for its clients. Foundry has already helped to procure nearly half of the Bitcoin mining machines installed in North America in 2020. The purchase and financing of the first 1,465 machines through Foundry’s financing services enabled Bitfarms to immediately increase its operating hashrate by 11% with only a 10% down payment of approximately US$1 million. With current hardware prices being at record highs, financing has become a crucial component for Bitfarms to grow its operating hashrate with minimal cash outflows. With prevailing economics, Bitfarms expects to recover its initial deposit in under a month, and this equipment is expected to generate positive cash flows for another 3 to 5 years. Under similar terms, Bitfarms will obtain financing to purchase an additional 1,000 Whatsminer M30S machines. These machines will produce 90 PH/s and are scheduled to be delivered in three shipments of 300-400 units in September, October and November. In addition, Foundry commits to providing Bitfarms with a US$10 million equipment financing credit facility in early 2022 to help finance the acquisition of new machines. Bitfarms is also pleased to join the Foundry USA Pool. This marks the first time Bitfarms has used a North America based pool. In addition to providing the same amount of revenue for Bitfarms via a full-pay-per-share (FPPS) model, the pool also has a number of powerful management, auditing and reporting capabilities which will give Bitfarms greater insight and control over its most precious asset, its hashrate. “We are
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