Bitfarms Announces Agreement With The City Of Sherbrooke On Plan To Fully Develop 96 MW Of Green Bitcoin Mining Infrastructure

Bitfarms Ltd. a publicly traded Bitcoin mining company currently powering over 1% of the Bitcoin network with greater than 99% green hydroelectricity, announces it has reached an agreement with the City of Sherbrooke, Québec, on a comprehensive agreement to develop 96 MW of hydropower on an expedited basis. The agreement with the City advances the Company’s growth goals of 3 Exahash by first quarter 2022 and 8 Exahash by year-end 2022 while addressing residential concerns about sound emissions.

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Under the agreement, Bitfarms’ current operations in the City of Sherbrooke on Rue de la Pointe will be replaced by new, high efficiency facilities with next-generation mining equipment optimized for higher output levels and lower power consumption. To address the sound level concerns, the new facilities will be situated in more remote locations and include, if required, sound monitoring equipment that allows Bitfarms to adjust operations to reduce sound levels on a real-time basis.

“This agreement is a ‘win-win-win’ for the City, its residents, and for Bitfarms,” emphasized Emiliano Grodzki, Chief Executive Officer of Bitfarms. “We regret the inconvenience to those citizens of Sherbrooke who have been affected by the noise from our Rue de la Pointe facility.  We have invested considerable resources to be attentive to their expectations and are committed to meeting with them to address their concerns. Bitfarms is dedicated to social responsibility globally and within the communities in which we operate. The City of Sherbrooke is important to us, and this agreement demonstrates our desire to work with and support our local communities as we achieve our growth goals,” added Mr. Grodzki.

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