Bitfarms Ltd. (the “Company”) (TASE:
BLLCF), one of the largest blockchain infrastructure companies in
the world through its ownership of Backbone Hosting Solutions Inc.
(operating under the name “Bitfarms”), is pleased with the Energy Board
of Québec’s (the “Energy Board”) decision to not apply an electricity
price increase to the blockchain industry within the province.
In a decision rendered on April 29, 2019 the Energy Board rejected Hydro
Québec’s targeted rate increase for cryptocurrency miners and rejected
the proposed price bidding mechanism for the allocation of new energy
blocks. The Energy Board decided to allocate an aggregate additional
supply of 300 megawatts of electricity to blockchain customers, in
addition to the 368 MW previously granted to existing customers such as
Bitfarms. Bitfarms was an active participant in the hearings held during
the summer and fall of 2018 at the Energy Board.
“This decision helps to secure our long-term operations in Québec as we
enter a new era of operational growth. We are excited to continue our
collaboration with Hydro-Québec, municipal energy distributors and
municipalities,” commented Pierre-Luc Quimper, President and co-founder
of Bitfarms. “With green hydroelectricity, innovative universities and a
recent court decision that clearly supports the industry, Québec has all
the ingredients to become a blockchain hub,” adds Quimper.
Wes Fulford, Chief Executive Officer of Bitfarms added, “the energy
price remains competitive and it will allow Bitfarms to continue its
expansion in Québec, particularly Phase 1 and Phase 2 of our new modern
computing centre within the municipality of Sherbrooke.”
Bitfarms operates one of the largest vertically integrated blockchain
mining operations in North America, with four computing centers located
in Québec, an operating office in Brossard, a microelectronics
laboratory in Saint-Jean-sur-Richelieu, and an electrical contracting
company in Bromont (Volta électrique).
About Bitfarms Ltd. (formerly Bitfarms Technologies Ltd. and
Blockchain Mining Ltd.)
Through its ownership of Bitfarms, the Company owns and operates
blockchain farms that power the global decentralized financial economy.
Bitfarms provides computing power to cryptocurrency networks such as
Bitcoin, earning fees from each network for securing and processing
transactions. Powered by clean and competitively priced
hydroelectricity, Bitfarms operates four blockchain farms in Québec,
Canada with an installed capacity of 36MW and approximately 220 Ph/s of
installed hash power. Bitfarms’ strong and experienced management team
is comprised of veteran industrial-scale data center operators and
capital markets professionals, focused on building infrastructure for
the future by developing and hosting the ecosystem growing around
To learn more about Bitfarms’ events, developments and online
This news release contains certain “forward-looking information”
within the meaning of applicable securities laws that are based on
expectations, estimates and projections as at the date of this news
release. Any statements that involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always using
phrases such as “expects”, or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”,
“forecasts”, “estimates”, “believes” or “intends” or variations of such
words and phrases or stating that certain actions, events or results
“may” or “could”, “would”, “might” or “will” be taken to occur (or be
achieved) are not statements of historical fact and may be
forward-looking information and are intended to identify forward-looking
The information in this release about the decision of the Québec
Energy board and its impact on Bitfarms, the future expansion of
operations, the construction and operation of blockchain infrastructure
as currently planned, and no regulation or law that will prevent
Bitfarms from operating its business and other future plans and
objectives of the Company, are forward-looking information. .
This forward-looking information is based on reasonable assumptions
and estimates of management of the Company at the time it was made, and
involves known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
The forward-looking statements contained in this press release are made
as of the date of this press release, and the Company undertakes no
obligation to update or revise them, except as required by law.