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 August 2023
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 ☒
DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
On August 7, 2023, 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).
See the Exhibits listed below.
Exhibits
| Exhibit No. | Description | |
| 99.1 | Material Change Report dated August 7, 2023 |
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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: | Président et chef de la direction | ||
Date: August 7, 2023
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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 |
August 7, 2023.
| Item 3 | News Release |
The press release attached as Schedule “A” was released on August 7, 2023 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 |
Geoffrey Morphy
President & Chief Executive Officer
Bitfarms ltée
gmorphy@bitfarms.com
| Item 9 | Date of Report |
August 7, 2023.
Schedule “A”
Bitfarms lance un plan de déploiement pour 50 MW d'énergie hydroélectrique au Paraguay
- 20 MW of MicroBT hydro-cooled miners and containers
purchased with vendor credits -
- 30 MW air-cooled facility -
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 (August 7, 2023) - Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, has initiated its first phase of development for its recently acquired 150 MW hydropower contracts in Paraguay announced July 19, 2023. Bitfarms will be building a new 50 MW farm at Paso Pe, Paraguay, which is located in close proximity to its Villarrica, Paraguay facility, and it expects its new farm to be fully commissioned at 50 MW in Q1 2024.
« Atteindre une efficacité opérationnelle élevée tout en minimisant les dépenses d'investissement est un objectif primordial de notre stratégie de croissance mondiale à l'approche de la réduction de moitié (halving) de la production l'année prochaine. D'après notre expérience dans ce pays, le Paraguay offre à la fois des coûts de construction peu élevés et des délais d'exécution rapides », a déclaré Geoff Morphy, chef de la direction de Bitfarms. « Nous construirons une sous-station de 50 MW pour alimenter un entrepôt de 30 MW et installer 20 MW de conteneurs spécialement conçus pour les mineurs MicroBT M53S+ refroidis par eau, tous achetés avec les crédits du vendeur. Ces crédits réduisent considérablement nos dépenses globales de trésorerie et auront un effet de levier sur les retours de trésorerie ».
Ben Gagnon, Chief Mining Officer of Bitfarms, added, “This marks our first deployment of hydro-cooled mining technology that has the potential to be less expensive than immersion technology. We look forward to integrating and quickly gaining experience with this new hydro-cooled technology in a cost effective manner. As the 1,920 M53S+ are expected to produce an impressive 675 PH/s with 28.5 w/TH efficiency, they are projected to be some of the highest performance miners in our fleet.”
Équipement MicroBT et achats de mineurs
| · | 8 MicroBT 2,4 MW conteneurs hydrauliques |
| · | 1 920 MicroBT M53S+ mineurs hydrauliques |
| · | 675 PHs à 28,5 w/TH |
| · | Mineurs et infrastructures achetés avec des crédits |
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À propos de Bitfarms ltée
Fondée en 2017, Bitfarms est une société mondiale de minage de bitcoins cotée en bourse (NASDAQ/TSX: BITF). Bitfarms développe, possède et exploite des fermes de minage verticalement intégrées avec une gestion interne et des services d'ingénierie électrique et d'installation appartenant à l’entreprise, ainsi que plusieurs centres de réparation technique sur site. Le système d’analyse de données exclusif de l'entreprise offre les meilleures performances opérationnelles et un temps de fonctionnement inégalé.
Bitfarms possède actuellement 11 fermes en activité et 2 fermes en développement situées dans quatre pays : Canada, États-Unis, Paraguay et Argentine. Alimentée par des contrats d'énergie hydroélectrique et à long terme essentiellement respectueux de l'environnement, Bitfarms s'engage à utiliser des infrastructures énergétiques durables, locales et souvent sous-utilisées.
Pour en savoir plus sur les événements, les développements et les communautés en ligne de Bitfarms :
Site web : 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
Glossaire des termes
| · | BTC BTC/jour = Bitcoin ou Bitcoin par jour |
| · | EH ou EH/s = Exahash ou exahash par seconde |
| · | MW ou MWh = Mégawatts ou mégawattheure |
| · | PH ou PH/s = Petahash ou Petahash par seconde |
| · | TH ou TH/s = Terahash ou terahash par seconde |
| · | W/TH = Watts par Terahash |
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.
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Énoncés prévisionnels
Ce communiqué de presse contient certaines « informations prospectives » et « déclarations prospectives » (collectivement, « informations prospectives ») qui sont basées sur des attentes, des estimations et des projections à la date de ce communiqué de presse et qui sont couvertes par des règles d'exonération (safe harbors) en vertu des lois sur les valeurs mobilières du Canada et des États-Unis. Les déclarations et les informations contenues dans le présent communiqué concernant l'établissement d'une nouvelle installation minière au Paraguay, les performances des mineurs à installer et les coûts qui y sont associés sont des informations prospectives. Les autres informations prospectives comprennent, sans s'y limiter, des informations concernant : les intentions, les plans et les actions futures de la société, ainsi que la capacité de Bitfarms à faire du minage de la monnaie numérique avec succès, l'augmentation des revenus actuellement prévue, la capacité à liquider de manière rentable les stocks actuels et futurs de monnaie numérique, la volatilité de la difficulté du réseau et des prix de la monnaie numérique et l'impact négatif potentiel important qui en résulte sur les opérations de la Société, la construction et l'exploitation d'une infrastructure de la chaîne de blocs (blockchain) élargie comme prévu actuellement, et l'environnement réglementaire pour la cryptomonnaie dans les juridictions applicables.
Toute déclaration impliquant des discussions relatives à des prédictions, des attentes, des croyances, des plans, des projections, des objectifs, des hypothèses, des événements ou des performances futurs (en utilisant souvent, mais pas toujours, des expressions telles que « s'attend à » ou « ne s'attend pas à », « est attendu », « anticipe » ou « n'anticipe pas », « planifie », « budget », « programmé », « prévisions », « estimations », « perspectives », « croire » ou « avoir l'intention » ou des variantes de ces mots et expressions, ou le fait de déclarer que certaines actions, certains événements ou certains résultats « peuvent » ou « pourraient », « seraient », « pourraient » ou « seront » pris pour se produire ou être atteints) ne sont pas des énoncés de faits historiques et peuvent constituer des informations prospectives et sont destinées à identifier les informations prospectives.
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 availability of financing opportunities, risks associated with economic conditions, dependence on management and conflicts of interest, the ability to service debt obligations and maintain flexibility in respect of debt covenants; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; conflict of interests with directors and management; government regulations; 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 equity offering program (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, 2022, filed on March 21, 2023. 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.
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Contacts :
LHA Investor Relations
David Barnard
+1 415-433-3777
Investors@bitfarms.com
Agence réelle
Noor Dar
+ 1 516-270-4009
mediarelations@bitfarms.com
Québec Media : Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
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