UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2022
Commission File Number: 001-40370
BITFARMS LTÉE
(Exact Name of Registrant as Specified in Its Charter)
18 King Street East, Suite 902, Toronto, Ontario, Canada M5C 1C4
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
INCORPORATION BY REFERENCE
On May 2, 2022, the Registrant filed with the Canadian Securities Regulatory Authorities on the System for Electronic Data Analysis and Retrieval (SEDAR) a material change report that includes a copy of a press release, a copy of which is attached hereto as Exhibit 99.1, and which is incorporated by reference to the Company’s Registration Statement on Form F-10 (File No. 333-258788).
| Exhibits | |
| Exhibit No. | Description |
| 99.1 | Material Change Report dated May 2, 2022 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BITFARMS LTÉE | |||
| Par : | /s/ L. Geoffrey Morphy | ||
| Name: | L. Geoffrey Morphy | ||
| Title: | President | ||
Date: May 2, 2022
Exhibit 99.1
FORM 51-102F3
MATERIAL CHANGE REPORT
| Item 1 | Name and Address of Company |
Bitfarms Ltd. (“Bitfarms” or the “Company”)
18 King Street East, Suite 902
Toronto, Ontario M5C 1C4
| Item 2 | Date of Material Change |
May 2, 2022.
| Item 3 | News Release |
The press release attached as Schedule “A” was released on May 2, 2022 by a newswire company in Canada.
| Item 4 | Summary of Material Change |
The material change is described in the press release attached as Schedule “A”.
| Item 5 | Full Description of Material Change |
The material change is described in the press release attached as Schedule “A”.
| Item 6 | Reliance of subsection 7.1(2) of National Instrument 51-102 |
Not applicable.
| Item 7 | Omitted Information |
Not applicable.
| Item 8 | Executive Officer |
Nicolas Bonta
Executive Chairman & Director
Bitfarms ltée
nbonta@bitfarms.com
| Item 9 | Date of Report |
May 2, 2022.
Schedule “A”
Bitfarms fait le point sur la production et les opérations de minage d'avril 2022.
-
- 405 bitcoins obtenus pour une moyenne de 13,5 bitcoins par jour -
- Increases Hashrate 600 Petahash to 3.3 EH/s -
Le présent communiqué de presse constitue un « communiqué de presse désigné » aux fins du supplément de prospectus de la Société daté du 16 août 2021 à son prospectus simplifié de base daté du 12 août 2021.
Toronto, Ontario and Brossard, Québec (May 2, 2022) - Bitfarms Ltd. (NASDAQ: BITF
// TSX: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for April 2022.
“In early April, we surpassed our 3 exahash per second goal (EH/s) with the start of production at our Leger farm, our ninth operating facility. This momentum continued throughout the month, with new miner installations driving our hashrate to over 3.3 EH/s at month-end, up 22% from 2.7 EH/s at the end of March said Emiliano Grodzki, CEO of Bitfarms. “This incremental capacity helped drive our average daily production in April to
13.5 BTC/day, up 15% from 11.7 BTC/day in March, and I’m proud to say we exited April running at over 14 BTC/day.”
« Nous sommes toujours en bonne voie pour achever la construction de Leger en mai, ainsi que la deuxième phase de construction de Bunker en juin. Ces activités sont destinées à apporter une capacité supplémentaire de 32 MW et, en conjonction avec les installations de mineurs en cours, devraient ajouter environ 640 petahash par seconde (PH/s) à notre taux de hachage (hashrate) en ligne », a ajouté M. Grodzki.
Production de minage
| · | 3,3 EH/s en ligne, contre 2,7 EH/s su 31 mars 2022. |
| · | 405 nouveaux BTC ont été obtenus au cours du mois d'avril 2022, soit une hausse de 75 % par rapport au mois d'avril 2021. |
| · | 13,5 BTC extrait quotidiennement en moyenne en avril, ce qui équivaut à environ 520 000 dollars US par jour et à environ15,6 millions de dollars US pour le mois, sur la base d'un prix du BTC de 38 500 dollars US le 30 avril 2022. |
| · | 403 BTC provenant des opérations de minage versés en dépôt en avril. |
| · | 5 646 BTC en dépôt au 30 avril 2022, ce qui représente une valeur totale d'environ 217 millions de dollars US sur la base d'un prix du BTC de 38 500 $ US. |
Opérations de minage
| · | Lancement de la production sur le site de Léger, dans la ville de Sherbrooke, au Québec, ce qui porte à neuf le nombre total de fermes en production et augmente la capacité opérationnelle de 16 mégawatts (MW) sur le total prévu de 30 MW de capacité. |
| · | Environ 5 900 nouveaux mineurs ont été installés, ajoutant plus de 590 PH/s au taux de hachage (hashrate) en ligne de Bitfarms. |
| · | Augmentation de la capacité électrique totale de 16 MW à 137 MW. |
| · | Lancement officiel du nouveau système propriétaire de gestion des mineurs de la Société, qui a été testé en version bêta au cours des 9 derniers mois. Le nouveau logiciel de gestion comporte des contrôles, un suivi, des capteurs, des alarmes, des visualisations et des mesures de performance améliorés, ce qui permet à l'entreprise de gérer et de suivre les performances individuelles de centaines de milliers de mineurs dans ses fermes minières décentralisées à l'échelle mondiale, en mettant l'accent sur l'optimisation du temps de fonctionnement. |
Production mensuelle de BTC de 2022 de Bitfarms
| Mois | BTC | |
| Janvier | 301 | |
| Février | 298 | |
| Mars | 363 | |
| Avril | 405 |
À propos de Bitfarms ltée
Fondée en 2017, Bitfarms est une entreprise mondiale d’auto-minage de Bitcoin, gérant des activités de minage verticalement intégrées avec des réparations techniques sur place, des analyses de données propriétaires et des services de génie électrique et d'installation propres à l'entreprise, afin d'optimiser les performances opérationnelles et le temps de fonctionnement.
Ayant fait preuve d'une croissance rapide et d'une exploitation exceptionnelle, Bitfarms est devenue la première société de minage de bitcoins à remplir son prospectus détaillé auprès de la Commission des valeurs mobilières de l'Ontario et a commencé à se négocier à la TSX-V en juillet 2019. Le 24 février 2021, Bitfarms a eu l'honneur d'être annoncé comme une étoile montante par le TSX-V. Le 21 juin 2021, Bitfarms a commencé à se négocier sur le marché boursier du Nasdaq. Le 24 février 2022, la Société a été à nouveau honorée par le TSX-V en tant que lauréate du Venture 50, se classant première dans le secteur de la technologie. Le 8 avril 2022, Bitfarms est passé de la TSX-V à la TSX.
Operationally, Bitfarms has a diversified production platform with seven industrial scale facilities located in Québec, one in Washington state, and one in Paraguay. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-
term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four accounting firm.
To learn more about Bitfarms’ events, developments, and online communities: Website: www.bitfarms.com
https://www.facebook.com/BitfarmsFR/ https://twitter.com/bitfarms_fr https://www.instagram.com/bitfarms_fr/ https://www.linkedin.com/company/bitfarms-fr
Mise en garde
Le commerce des titres de la Société doit être considéré comme hautement spéculatif. Aucune bourse, commission des valeurs mobilières ou autre autorité réglementaire n'a approuvé ou désapprouvé les informations contenues dans le présent document. Ni la Bourse de Toronto, ni le Nasdaq, ni aucune autre bourse de valeurs ou autorité de réglementation n'acceptent la responsabilité de la pertinence ou de l'exactitude de ce communiqué.
Énoncés prévisionnels
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The information in this release regarding expectations regarding the build out of Leger and construction at The Bunker, the benefits of acquiring and holding Bitcoin, its future rate of Bitcoin production, its future accumulation of Bitcoin, its expansion plans in general, and about other future plans and objectives of the Company are forward-looking information. Other forward-looking information includes, but is not limited to, information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the potential resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrency in the applicable jurisdictions.
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 information.
This forward-looking information is based on assumptions and estimates of management of the Company at the time they were 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. Such factors include, among others, risks relating to: the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing, including the Company’s ability to utilize the Company’s at-the-market offering (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of Bitfarms include, but are not limited to: the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital
currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the annual information form for the year-ended December 31, 2021, filed on March 28, 2022. The Company has also assumed that no significant events occur outside of Bitfarms’ normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Coordonnées
Investor Relations: LHA Investor Relations
David Barnard
+1 415-433-3777
Investors@bitfarms.com
Médias américains :
YAP Global
Mia Grodsky, Account Executive mia@yapglobal.com
Québec Media :
Ryan Affaires publiques
Valérie Pomerleau, Public Affairs and Communications valerie@ryanap.com