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TORONTO and BROSSARD, Québec, July 19, 2023 (GLOBE NEWSWIRE) -- Bitfarms Ltd. ( ), a global vertically integrated Bitcoin mining company, acquired two Power Purchase Agreements (PPAs) in Paraguay for up to 150 MW of eco-friendly hydropower: up to 50 MW in Villarrica, in close proximity to the Company’s existing operations in Paraguay, and up to 100 MW in Yguazu, a new location close to the Itaipu dam, the third largest hydroelectric dam in the world. “As we approach the next Bitcoin halving, we are seeking to drive growth by leveraging our farm design expertise and drawing upon our operational experience to broaden our geographical presence and optimize global, underutilized power resources,” said Geoff Morphy, CEO of Bitfarms. “Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.” At Villarrica, construction is scheduled to commence in Q3 2023 beginning with a sub-station followed by building out a second mining facility. At Yguazu, Bitfarms has the opportunity to develop a new farm with up to 100 MW of mining capacity, the timeline for which is being determined. Hydropower at both locations will be provided at a contracted cost of approximately 3.9 cents per kWh, before VAT, and is not subject to annual inflationary adjustments. Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime. Bitfarms currently has 11 farms, which are located in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure. To learn more about Bitfarms’ events, developments, and online communities: Website: www.bitfarms.com https://www.facebook.com/bitfarms/ https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/ https://www.linkedin.com/company/bitfarms/ -ended December 31, 2022, filed on March 21, 2023. The David Barnard +1 415-433-3777 [email protected] Lisa Helfer +1 646-373-9946 [email protected] Louis-Martin Leclerc +1 418-693-2425 [email protected]
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