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Bitfarms Bitfarms Reports Q1 2021 Financial Results Toronto , Ontario and Brossard , Québec ( May 26 , 2021 ) - Bitfarms Ltd. ( " Bitfarms " , or the " Company " ) ( TSXV : BITF / OTC : BFARF ) today announced its financial results for the first quarter ended March 31 , 2021. All financial references are denominated in US dollars , unless otherwise noted . Q1 2021 Key Events ● TM ● In January and February 2021 , the Company closed 3 private placements with US institutional investors for combined gross proceeds of CAD $ 80 million . The net proceeds provided the Company the financial leverage to expedite its infrastructure expansion plans , make deposits for miners and provide working capital flexibility ; On March 2nd , 2021 , the Company placed its biggest order of mining rigs in its history ; 48,000 best in class miners with MicroBT . Deliveries are anticipated to start in January 2022. When all miners are received and installed by the end of 2022 , the Company anticipates its hash rate to reach 8 EH / s ; On March 24th , Bitfarms ' installed hashrate hit 1.2 EH / s , in line with expectations for the end of the quarter Q1 2021 Financial Results and Operational Highlights Revenues of $ 28.4 million , gross profit of $ 19.3 million ( 68 % gross margin ) , operating income of $ 16.4 million ( 58 % operating margin ) , and net loss of $ 7.6 million ; Gross mining profit¹ of $ 22.3 million ( 80 % gross mining margin¹ ) ; Adjusted EBITDA¹ of $ 19.7 million ( 69 % adjusted EBITDA margin¹ ) ; Negative EBITDA¹ of $ 3.0 million ( -11 % EBITDA margin¹ ) , due mainly to non - recurring , non - cash financial expenses ; Mined 598 Bitcoins with an average cost of approximately $ 8,400 per Bitcoin² , and retained 548 Bitcoin worth approximately $ 32.4 million as of March 31 , 2021 ; 4,500 miners were received and installed during the quarter adding approximately 369 PH / s " As anticipated , increases in our hash rate and Bitcoin price significantly , and positively , impacted most of our Q1 2021 key financial metrics . Operationally , we added 4,500 miners , thus reaching 1.2 EH / s in computing power as of the end of the first quarter 2021. Financially , equity raises totalling CAD $ 80 million provided us the leverage to begin our infrastructure buildout for an additional 80MW of power in Quebec , fully repay our Dominion Capital loan , implement a BTC retention program and place orders for 48,000 miners anticipated for delivery starting in 2022 .