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Bitfarms ™ Bitfarms Reports Record Q3 2021 Revenues , Up 22 % from Q2 2021 and 559 % from Q3 2020 - Grew Revenues to $ 44.8 Million , Up from $ 6.8 Million in Q3 2020 - - Achieved Record Profitability with Net Income of $ 23.7 Million , Up from a Net Loss of $ 4.8 Million in Q3 2020 - This news release constitutes a " designated news release " for the purposes of the Company's prospectus supplement dated August 16 , 2021 to its short form base shelf prospectus dated August 12 , 2021 . Bitfarms Ltd. Toronto , Ontario and Brossard , Québec ( November 15 , 2021 ) ( NASDAQ : BITF // TSXV : BITF ) , a global Bitcoin self - mining company , reported its financial results for the quarter ended September 30 , 2021. All financial references are in US dollars . During Q3 2021 , Bitfarms mined 1,051 Bitcoin ( BTC ) , up 38 % from 759 BTC in Q2 2021 , and reduced the average cost of BTC production * to $ 6,900 / BTC , down 23 % from $ 9,000 / BTC in Q2 2021 . " Strong growth in production with lower costs of production and favorable Bitcoin market conditions contributed to record quarterly revenues and record profitability in the third quarter of 2021 , ” said Emiliano Grodzki , Bitfarms Founder and Chief Executive Officer . " In fact , we delivered positive earnings from ongoing operations , even while continuing to invest heavily in growth and to scale the business . " Bitfarms is building a truly global enterprise by focusing on strategic opportunities to cost effectively leverage our expertise and gain market share . As of today , we have increased our hashrate to over 2 Exahash per second ( EH / s ) and expanded our production capacity to 106 Megawatts ( MW ) in Canada and the U.S. , with an additional 298 MW in development underway in Canada , Paraguay and Argentina . We are confident we will create additional shareholder value as we continue our efforts to achieve our computational goals of 3 EH / s by March 31 , 2022 , and 8 EH / s by December 31 , 2022 , " added Grodzki . Q3 2021 Financial Highlights • • • • Increased total revenues to a record $ 44.8 million , up 22 % from Q2 2021 . Achieved record net income of $ 23.7 million , or $ 0.13 per fully diluted share , compared to a net loss of $ 3.7 million , or $ 0.02 per basic share , in Q2 2021 . Increased gross mining margin ** to 82 % , up from 79 % in Q2 2021 . Reported EBITDA ** of $ 41.8 million and EBITDA margin ** of 93 % , up from $ 2.8 million and 7 % in Q2 2021 .